MOSCOW, June 3 — RIA Novosti/Prime. Moscow Bank of Sberbank of Russia has increased line of credit financing for Cherkizovo Group by 2 billion roubles to 5.8 billion roubles according to the bank’s press release.
It notes that the funds will be directed to the group’s current activities.
“We see cooperation with Cherkizovo Group as a strategic partnership and are pleased with its growth. Financing import substitution projects is one of our priority objectives,” the press release states, quoting Denis Konstantinov, Chairman of Moscow Bank of Sberbank of Russia.
He added that the recent credit limits established for Cherkizovo Group will promote expansion of Russia’s agroindustrial sector.
Cherkizovo Group is one of three largest companies serving the chicken meat, pork, and processed meat markets and is the country’s largest feed manufacturer. Igor Babaev, the founder of Cherkizovo Group, and his family control 65% of the company’s equity, and the remaining 35% is free float. Net income of Cherkizovo Group under US GAAP in 2014 increased 5.4 times to $345.7 million.