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Tuesday, June 28, 2011

Agstar Fertilizer concludes Rs.1 bn PP, mulls listing

By Jithendra Antonio

Browns held Sierra Group’s Agstar Fertilizers (Pvt) Ltd has recently concluded a private placement worth Rs.1 billion, an official said.

A top official from Sierra Group told Mirror Business that Agstar Fertilizers had got nearly 100 private investors who subscribed voting shares of the company at Rs.8 per share.

“We will be listing the company by way of an Introduction” he said. Accordingly, the company will start trading on CSE by August this year.

Agstar Fertilizers (Pvt) Ltd. incorporated in 2002 is engaged in fertilizer marketing under Agstar brand, and the goal of Agstar is to satisfy specific needs of the commercial agriculturists and rural farmers through valued-added innovative superior quality products.

Agstar Fertilizers is a 50% subsidiary of Sierra Holdings and a 20% subsidiary of Sierra Constructions whilst Browns group and LOLC Group holds equally 9.99% of Agstar, Sierra Holdings and Sierra Constructions.

source - www.dailymirror.lk