Agrenco in successful IPO

Agrenco, whose financial and treasury arm operates from Malta and is situated at The Park Lane Buildings, G’Mangia, has just concluded a successful primary IPO and is pursuing the consolidation of its position in the market as a services and integrated solutions provider to agrobusiness.

“We have entered a new stage, not only in terms of consolidation, growth and accomplishment of our projects and ideas, but also to adapt ourselves ever further to corporate governance requirements and other requirements of being a publicly-held company”, said CEO Antonio Iafelice. In the global market, Agrenco integrates unique agribusiness services and products, in addition to providing clean technology with carbon credits.

The results of 2007’s last quarter show the group’s accelerated growth. Gross income amounted to R$89.6 million (Euro33.5million), showing an increase of 340% year-on-year, totaling R$196.6 million (Euro 73.5million) in September 2007, a growth of 65% as compared to September 2006.

“Agrenco’s first results’ disclosure looks very healthy. We have prepared Agrenco for this period in the Group’s development by organising it entirely. This includes the accounting, financial and economic areas, as well as the structural, business and other sectors to enable the company to go public. Today, as Agrenco is fully structured and properly capitalised, we are ready to grow even further,” said Iafelice.

During Q1/2008, Agrenco opened one of the three planned biodiesel production complexes. Two of these plants include soybean crushing plants will also generate electric power. All three plants will be using state-of-the-art technology developed by Agrenco itself. Located in the Brazilian cities of Alto Araguaia (MT), Caarapá (MS) and Marialva (PR), the plants are estimated to have a total production capability of 425 million litres of biodiesel and of 320,000 MWh per year of electricity. The latter will be sold to the electric network, in addition to producing 1,050,000 tonnes of soy bran.