OREANDA-NEWS. HarvEast Holding has decided to sell its structural unit, Ilyich-Agro Zaporozhye, in line with its strategy of climate risk reduction and land bank optimisation. The unit manages 15,000 ha in Berdyansk and Primorskoye districts of Zaporozhye Oblast.

“Today climate risk reduction is among our priorities and a key factor in driving future growth. We work primarily in risky agricultural areas, so our performance depends heavily on the weather. We seek to expand our land bank in less risky regions and have made a decision to sell assets in Zaporozhye Oblast,” says HarvEast Holding CEO Simon Chernyavsky.

Genero Group is the purchaser in the deal, which is expected to be closed by the end of 2013.

Profile:

HarvEast Holding is an agricultural group of companies, which owns and manages assets in Donetsk and Cherkassy Oblasts and the Crimea. The Holding’s focus areas include crop raising (wheat, sunflower, barley, permanent grasses and corn) and dairy farming.

Established on 10 March 2011, HarvEast Holding evolved from the assets previously owned by Ilyich Steel Plant. The overall bank of farmland is 205 hectares and total livestock exceeds 22,000 heads.

The shareholders of HarvEast Holding are the SCM Group and Smart Holding.