OREANDA-NEWS. August 03, 2011. SEB Bank has increased its credit limit by LTL 64 million issued a year ago to Linas Agro AB, a member of Linas Agro Group AB, engaged in the international trade in agricultural commodities. Such a significant increase in financing is required for the Company’s business development and for its working capital needs.

“Linas Agro AB successfully develops its activities irrespective of unfavourable last season for the grain trading companies when lower crops and deterioration of grain quality were reported. The Company continues to retain a solid enough position in the Baltic market and, assessment of the agricultural sector perspectives shows rather good opportunities for development of our partnership”, said Aivaras Cicelis, Vice President of SEB Bank, Director of Corporate Banking Division.

Tomas Tumenas, Chief Financial Officer of Linas Agro Group AB noted that the above-mentioned increase in the credit limit will enable Linas Agro AB to maintain successful development of its major activity trends: trade in fertilizer in Lithuania and Latvia and feedstuff in the Polish market. During the Company’s financial year, which ended as of 30 June, annual growth of the Company’s fertilizer trade volume in Lithuania and Latvia exceeded 20 per cent, or based on the preliminary calculations it totalled LTL 170 million, and the volume of sales in Poland amounted to nearly LTL 44 million. Financial year 2010-2011 was a special year for the Company as it managed to strengthen its position in the Polish market by successfully selling various raw feedstuff. The Company has plans to increase its volume of fertilizer trade in the new fiscal year starting from 1 July in Lithuania and Latvia by 15 per cent, and fertilizer trade and feedstuff trade in Poland – by 20 per cent.