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Fonterra to invest in Lithuanian dairy company

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By Jim Cornall+

29-Aug-2017

Fonterra is purchasing shares in Lithuanian dairy company Rokiškio sūris.
Fonterra is purchasing shares in Lithuanian dairy company Rokiškio sūris.

New Zealand’s dairy cooperative Fonterra is investing in 10% of the shares in Lithuanian dairy company AB Rokiškio sūris.

The management of Rokiškio sūris – CEO Antanas Trumpa, deputy director Dalius Trumpa, CFO Antanas Kavaliauskas and sales and marketing director Darius Norkus – reached a preliminary agreement with Fonterra on investment in the company’s share capital.

The planned Fonterra investment will be carried out by issuing new shares. The amount of new shares is planned to be 10% of the authorized capital of Rokiškio sūris.

Variety of products

The new share emission will be issued without giving priority rights to all current shareholders to acquire the shares.

The agreed price is €1.98 ($2.39) per share. The agreed price per share is calculated as a six-months weighed average market price of Rokiškio sūris shares on NASDAQ Vilnius Stock Exchange from January 12, 2017 to July 12, 2017.

Rokiškio sūris has four subsidiaries (including two in Latvia) and two other branches, and produces a variety of cheeses, skim, milk powder, butter, lactose, dried whey protein concentrate, and butter milk powder.

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