Bloomberg News

Razgulay Grain Producer Starts Selling Assets to Reduce Debt

May 12, 2012

OAO Razgulay Group (GRAZ) started selling non-core assets to help cut debt and its ratio to earnings before interest, taxes, depreciatiopn and amortization, the Russian grain and sugar producer said.

Razgulay sold land and a 25 percent stake in a grain storage plant, the company said today in a statement without disclosing the proceeds.

The company is seeking to get about 6 billion rubles ($199 million) from selling some of its assets in 2012 and 2013, Interfax reported today, citing an earlier interview with Razgulay Chairman Rustem Mirgalimov.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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