HarvEast agroholding to invest Hr 80 million in modernization

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July 20, 2011, 3:34 p.m. | Business — by Interfax-Ukraine

HarvEast agroholding, created by SCM Group and Smart-holding, plans in 2011 to invest Hr 80 million in production modernization.

HarvEast agroholding, created by SCM Group and Smart-holding, plans in 2011 to invest Hr 80 million in production modernization. "In May we approved a six-month investment program foreseeing the investment of Hr 80 million in modernization," HarvEast Head Dmytro Skorniakov said in an interview with the Kommersant newspaper.

He explained that part of these funds have been spent on the purchase of harvesting machinery. In addition, the company is mulling the construction of grain elevators.

According to the company head, the holding plans to approve a long-term development strategy in October-November 2011 and make it public in 2012. However, he said that it is already known that the priority directions in its activity will be crop planting and milk production.

The holding head said that its shareholders have set the task of making the company profitable, and making its business processes and procedures comply with the standards and requirements of a public company.

"I think we will fulfill these tasks by the end of 2012," he said.

Skorniakov also noted that the holding plans this year to receive $150 million in revenues. In addition, HarvEast intends this year to start exporting grain, he added.

"The grain harvest, according to our estimations, will be around 400,000 tonnes, and we plan to export 100,000 tonnes to the markets that are traditional for Ukraine," said the company head.

The holding expects about one-third of the wheat it will harvest this year will be food wheat.

HarvEast Holding was established in March 2011 on the basis of the agricultural assets of PJSC Illich mill, acquired in 2010 by Metinvest, the mining and smelting holding created by SCM and Smart-holding
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