OREANDA-NEWS  On 15 December was announced, that PAVA (www.apkhleb.ru) had an eventful November 2008. At the beginning of the month, on November 5, the company effected its 8th coupon payment on the second bond issue. The interest rate was set at 12.5% p.a. The total payment for the 8th coupon period amounted to RUR12,444,468.78.

Andrey Igoshin, PAVA President; Sergey Balaenkov, Chief Financial Officer and Galina Balaenkova, International Business Development and IR Director conducted a vast number of business meetings and negotiations at the XII German Equity Forum. The presentation made by Ms Balaenkova was entitled “Creating value via vertical integration”, and described the company’s new strategy – creation of a vertically integrated agroholding. This strategy is based on the implementation of 2 projects – enlargement of PAVA’s own agricultural division and launching a grain fractionation plant.

PAVA representative visited 2 international exhibitions – Health Ingredients Europe 2008 and Natural Ingredients 2008 where the key point of discussions for the Altay grain processor was regarding the deep grain processing project and its products.

In November, PAVA made its first shipment of protein-enriched vitaminised flour to Afghanistan. The product of the unique production technology and qualities was shipped in three rail cars to the Republic.

At the end of the 3d quarter PAVA surprised its customers with a new package – a limited consignment of flour in festive, New-Year bags was introduced on the Russian flour market for the first time. Flour mills of the largest grain processor in Siberia and the Far East started shipments in mid-November.

PAVA agricultural enterprises continue to prepare for farming operations in spring 2009. Robust agricultural production is essential for success of PAVA new grain fractionation project. Therefore, particular emphasis is placed on the technical equipment of the daughter companies.