The Antimonopoly Committee of Ukraine (AMC) has allowed Sumitomo, a Japanese corporation, to acquire a 51% stake in British-based Oscar Agro Limited, which owns Spektr-Agro and Spektr-Agrotekhnika (both based in Obukhiv, Kyiv region). “Oscar Agro is a company in the UK that was created for this project. Oscar Agro owns 100% of the shares of Spektr-Agro and Spektr-Agrotekhnika, while Sumitomo will acquire 51% of the shares of Oscar Agro,” Sumitomo Corporation told Interfax -Ukraine.
The AMC also gave permission to Ihor Lavreniuk, Vasyl Skarlat and Volodymyr Lobach (Spektr-Agro and Spektr-Agrotekhnika) and Sumitomo Corporation for concerted actions in the form of restricting competitive behavior and refusing to lure employees for five years.
Spektr-Agro LLC was founded in 2009. It currently operates throughout Ukraine, distributes plant protection products, fertilizers, seeds and agricultural equipment for more than 3,500 agricultural producers in the country.
Sumitomo Group is one of the largest Japanese corporations. It includes companies in the financial sector, engineering, electrical industry, ferrous and nonferrous metallurgy, etc.
Japanese corporation Sumitomo will acquire a 51% stake in Spectr-Agro LLC (Kyiv region), a supplier of mineral fertilizers, seeds and equipment to Ukrainian agricultural enterprises. A corresponding agreement was signed between the corporation, Spectr-Agro and Spectr-Agrotechnika LLC on July 11, the Ukrainian company said on Facebook.
“Over 30 years ago, Sumitomo founded the agri-scientific business line (ASBL), starting with the export of plant protection products from Japan, Sumitomo is actively engaged in expanding the supply chain, constantly developing wholesale and retail distribution channels. Today, this activity is carried out in 30 countries around the world. The acquisition of Spectr-Agro is a continuation of the development of Sumitomo’s business in trading in agricultural resources,” the report said.
Spectr-Agro is expected that the acquisition transaction will contribute to the expansion and growth of the company’s activities in Ukraine.
Spectr-Agro was founded in 2009, currently it operates throughout Ukraine. It supplies such agricultural resources as plant protection products, mineral fertilizers, seeds and agricultural equipment to more than 3,500 agricultural producers in the country.
As of October 2017, the company was co-owned by Vasyl Skarlat with a 50% stake, Maria Lavreniuk with 25%, and Volodymyr Lobach with 25%.
In the third quarter of 2017, the company posted UAH 28.205 million in net profit, its revenue was UAH 2.999 billion.
President of Ukraine Petro Poroshenko has held a meeting with the management of General Electric, Sumitomo and Marubeni prior the meeting of the National Investment Council on Friday.
They discussed the implementation of the contract concluded at the beginning of the year between PJSC Ukrzaliznytsya, PJSC Ukreximbank and General Electric U.S. regarding procurement, modernization and leasing of locomotives, the presidential press service reported.
The president informed of the opening of the Beskydsky railway tunnel, which will expand Ukraine’s transport and export opportunities.
General Electric Vice President Jamie Miller praised the course of reforms in Ukraine that contribute to the country’s development.
The parties discussed the participation of General Electric in the implementation of other projects, in particular, rural medicine project.
He also met with leaders of the Japanese companies Sumitomo and Marubeni.
The president noted the effective cooperation between Ukraine and Japan.
Poroshenko thanked the Japanese side for its large-scale projects, including the construction of the Boryspil Airport and the reconstruction of the Bortnychi aeration station.
The president separately noted the assistance of the Japanese side in implementing a number of humanitarian projects in Donbas.
The parties also discussed the issues of cooperation in the field of nuclear safety, energy saving technologies and infrastructure projects.