CFG/MRIYA to invest more than USD 50 million in equipment
In 2019, SALIC UK Ltd, the mutual investor of the CFG/MRIYA combined business, intends to allocate more than USD 50 million to increase the technical capacities of the company.
Recently, the combined company CFG/MRIYA received another batch of new agricultural equipment purchased in the production season-2019. In addition to the 17 units of trailed agricultural machinery purchased at the beginning of the March, the agricultural holding reinforced its technical park with 13 370 HP and 18 240 HP tractors Massey Ferguson, 10 self propelled sprayers New Holland and other tillage and special equipment with a total value of USD 8,7 million.
Since the beginning of the year, CFG/MRIYA has already expanded its technical park with about 60 units of new agricultural equipment with a total value of USD 11 million and expects the delivery of another 190 units of machinery in the next future. The Company also plans to purchase combines, loaders and transport trailers in the next few months to ensure the effective harvesting campaign. The total CFG/MRIYA CAPEX plan for the year 2019 amounts USD 51 million.
As a reminder, in August 2018 MRIYA Agro Holding successfully completed the restructuring of its debt. Then in November, the company signed a deal to sell its assets to the international investor SALIC UK. Today MRIYA continue its operations in Ukraine alongside SALIC’s subsidiary, Continental Farmers Group (CFG). The combined business has a land bank of 195,000 ha under cultivation in Western Ukraine.