Rosselkhozbank to resume financing of Ekoniva projects
Rosselkhozbank will resume financing of the holding “Ekoniva” in order to complete the construction of three livestock complexes, as well as a number of other projects, which are now in a high state of readiness, the bank’s press service said. This information was confirmed by a representative of “Ekoniva”. In particular, we are talking about projects in the Moscow region, Tatarstan and Bashkortostan for a total of 9,900 head of cattle and a production capacity of 100,000 tons of milk per year. The parties are also going to work together to “find the best solution” on the construction of a processing plant in the Maslyaninsky district of the Novosibirsk region. Its capacity is 1,150 tons of raw milk per day, its main products are cheeses, butter and others.
Ekoniva is Russia’s largest producer of raw milk. In 2020, its output increased by 22% to 925,000 tons. The founder and main owner of the company – Stefan Dur. The company has been cooperating with Rosselkhozbank since 2014, the financial organization has participated in the implementation of 31 projects of the group with a total budget of about 937 billion rubles., According to representatives of the parties. In December 2020, the financing of the holding’s investment projects was stopped, while revolving financing continued, said a bank representative. This was due to a breach of credit terms, he adds. Now the situation is settled, and therefore resumed investment lending.
The newspaper “Kommersant” reported on the financial problems of the agricultural holding in April 2021. In July, Dur, Ekosem-Agrar, Ekosem Schwarzerde GmBH appealed to the Arbitration Court of the Voronezh region with a claim to the Rosselkhozbank to invalidate agreements to grant an option to enter into a contract of sale of shares in group companies. According to Kommersant sources, the owners of “Ekoniva” believe that the bank “artificially” creates a situation in which it will be able to exercise options, limiting funding for the holding. On December 1, the court rejected the lawsuit, the motivating part of the decision has not been published yet.
The parties do not specify the conditions under which the funding was restored. To date, Ekoniva has no overdue debts to the bank or related parties, assured the first deputy chairman of Rosselkhozbank Irina Zhachkina through a representative. “We have no intention of exercising options against the share of the group’s holding companies,” she says. She also added that the bank will remain the main strategic lender of the group and will continue to circulate financing of companies within the established limits. Dur, in turn, assured that Ekosem-Agrar and the other plaintiffs will refuse to file an appeal against the court’s decision and withdraw all related lawsuits.