Russia’s Rusagro sends Razgulay debt purchase proposal to VEB

MOSCOW, Sep 29 (PRIME) -- Russian agricultural holding Rusagro has proposed to acquire the debt of another agricultural producer Razgulay Group from Vnesheconombank (VEB), which owns an about 20% stake in Razgulay, Rusagro said in a statement Tuesday.

The debt purchase conditions were not disclosed. According to earlier media reports, Razgulay’s debt stands at 40 billion rubles and Rusagro will purchase VEB’s stake in the holding as part of the deal.

“As a first step to fulfill the bailout program for Razgulay Group, Rusagro has sent a proposal to buy the debt that is valid for three weeks to VEB and has made a partial repayment of the debt of Razgulay Group in the framework of this proposal,” the company said.

Rusagro is interested in acquisition or joint development of some Razgulay’s assets, it said.

(65.5470 rubles – U.S. $1)

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