The project for the partial and symmetrical demerger of AGRICOVER HOLDING SA was approved Wednesday (May 26) by the company’s shareholders.
Following the demerger, Agricover Holding SA shall continue to hold and manage its majority participations in Agricover SA (specialised in the distribution of agricultural technologies towards farmers), Agricover Credit IFN SA (non-banking financial institution specialised in financing farmers), and Agricover Technology SRL (by which the Group intends, starting with 2022, to provide farmers with access to the latest innovations in world agriculture, and practically facilitate the transforming by the same of the way they are carrying on their business by means of accessing digital technologies).
The food industry activities, namely those carried on by Abatorul Peris SA, shall be carried out, outside the perimeter of Agricover Group, under the aegis of a new majority shareholder, CCI Cardinal Equity, with the same shareholder structure as Agricover Holding SA.
The main arguments in favour of the demerger include: the fact that the business carried on by Abatorul Peris in the food industry (namely slaughtering pigs and processing pork) is different from the business carried on by the other entities held by Agricover Holding; the fact that the trading profile of Abatorul Peris (mostly addressing the retail food market by selling pork and derived products) is different from the one of the other entities of the Agricover Group (addressing the farmers’ wholesale market by selling technological and financial products/services); the fact that the risk profile of Abatorul Peris (which includes animal safety – for example the recent “AFRICAN SWINE FEVER”, consumer safety – for example the recent pandemic with the “SARS-COV-19” virus, environment protection – for example the recent investments in the new Wastewater Treatment Plant) is different from the one of the other entities of the Agricover Group (which includes the control of chemicals with special treatment – for example the authorising of storage premises, of transportation means, and of the personnel handling the fertilisers);
The majority shareholder of Agricover Holding is Jabbar Kanani, with an ownership of 87.269%.
Businessman Jabbar Kanani is the majority shareholder of Agricover Holding SA, with an 87.269% ownership, while the European Bank for Reconstruction and Development (EBRD) holds a 12.727% stake. Adama Agriculture BV, member of Syngenta Group, a leading global provider of agricultural science and technology, in particular seeds and crop protection, holds 10.000% of Agricover SA shares.