"In 2018, the company plans to sharply increase its authorized capital and to receive more working capital, thus projecting higher sales and, consequently, higher profits. The company plans significant expansion in Latvia," Agrosfera said in its annual report.
Agrosfera has a same-named subsidiary in Latvia and its expansion is linked to Icor's plans to acquire 60 percent of shares in the company for an undisclosed amount of money through a new share issue.
Agrosfera posted EUR 36.062 million in revenue for the past financial year, up 13.2 percent from EUR 31.865 million a year earlier.
Agromeril, an Estonia-registered company co-owned by Agrosfera CEO Arminas Kildisis, currently holds 100 percent of shares in the Lithuanian company.
