In August 2011, VTB Bank opened four two-year credit lines totaling RUB 1,860 million to Miratorg Agribusiness Holding. The funds will let the company increase its working capital for further business growth.
Yuri Soloviev, VTB Bank First Deputy and Chairman of the Management Board, said: “VTB strives to strengthen long-term relationship with Miratorg Agribusiness Holding. Our mutually beneficial cooperation is sure to contribute to further successful development of the holding’s companies”.
Miratorg Agribusiness Holding, established in 1995, is one of the leading meat producers and suppliers in the Russian market. The holding includes grain companies, feedstuffs plants, elevators, 12 large automated pig complexes, a meat processing enterprise Pig Complex Korocha LLC unique in terms of robot application and automation, a transportation company, 3 modern low-temperature automated distribution centers and a distribution company with branches in large cities of Russia.
Enterprises within the holding run a complete production cycle. Vertical integration lets Miratorg control quality of all its products and achieve maximal efficiency at every stage of production. According to IFRS net profit of the holding for the first half of 2011 grew by 23.3% year-on-year and amounted to RUB 1.9 billion. Company’s revenue for the first half of 2011amounted to RUB 18.17 billion which is 20.2% higher than in the first half of 2010.