Russia. Razgulay Plans to Dispose of Assets, Chairman Mirgalimov Says
2011-06-15 16:23:18
Razgulay Group (GRAZ), Russia’s largest rice producer, plans to sell assets, Chairman Rustem Mirgalimov said.
Razgulay plans to sell assets including silos and arable lands located more than 200 kilometers (124 miles) from its “core” sugar refineries to potential strategic investors including state grain trader United Grain Co., Mirgalimov said today. The company aims to reduce so-called debt leverage by between 7 billion rubles ($251 million) and 20 billion rubles, he said.
Debt to the company’s major creditor, Vnesheconombank, came to 24.5 billion rubles by the end of 2010, board member Dmitry Shteinsapir said. “Long-term” debts to the bank are about 19 billion rubles, Shteinsapir said.