OREANDA-NEWS. February 24, 2010. The International Finance Corporation announced its intention to invest USD 75mn in Mriya Agro Holding. The IFC investment will consist of up to USD 25mn one-year loan, renewable twice at the end of a 365 day period for 12 months each time, a long-term subordinated loan of up to USD 25 million, and warrants worth up to USD 25 million. The funds are planned to be used for MAYA’s working capital replenishment, as well as for the purpose of its land bank expansion by 165 thousand ha (up 105%), and for an increase of its grain storage capacity by 100kt (up 50%).

Millennium Capital sees the news to be positive for MAYA, since the investment will enable the Company to negotiate its land bank expansion at a relatively low price (an 80% discount to pre-crisis period). Also, according to Millennium Capital’s estimates, the increase of the working capital will enable MAYA to increase its output by at least 20% in 2010.