Don Agro Directors to Seek Shareholders' Approval for Proposed Subsidiary Disposals; Shares Surge 17%

MT Newswires06-06

Don Agro International (SGX:GRQ) directors proposed an extraordinary general meeting on June 21 to seek shareholders approval for the proposed sale of subsidiaries Don Agro, Don Agrarian Group, Don Muchnov and Volgo Agro, according to a filing with the Singapore Exchange on Thursday.

In a previous filing, the companyâs wholly-owned subsidiary, JSC Tetra, entered into preliminary sale and purchase agreements with Agroholding Porostory for the disposal of 99.99% of Don Agro, 99.99% of Don Agrarian and 90% of Don Muchnov.

The company also entered into an SPA with Donskaya trastovaya kompaniya for the disposal of 99.99% of Volgo-Agro.

The aggregate consideration payable to Tetra by Agroholding Prostory is approximately SG$65.7 million.

The consideration payable by Donskaya to Tetra for the Volgo-Agro Disposal is approximately SG$738,231, the filing said.

Shares of the agricultural company surged nearly 17% in recent trading.

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