Chinese group buys 10% stake in Romanian agribusiness company Agricover

Adama Ltd, one of the biggest suppliers of crop protection solutions in the world, part of state-owned China National Chemical Corporation (ChemChina), has bought a 10% stake in Agricover SA - a division of Romania's leading agricultural group Agricover Holding.

Founded and controlled by Iranian businessman Jabar Kanani, Agricover Holding maintains an 86.75% stake in Agricover SA after the deal. The value of the transaction was not disclosed.

Agricover SA had a turnover of RON 1.6 billion (USD 416 million) and over 850 employees in 2018. Meanwhile, Adama has USD 3.9 billion in early sales and over 7,000 employees, with a direct presence in 40 countries, including Romania.

Dimitrios Drisis, general manager of Adama Romania and Poland, has joined the board of directors of Agricover SA after the transaction.

Besides Agricover SA, Agricover Holding also includes Agricover Credit, a provider of loans for farmers. The European Bank for Reconstruction and Development (EBRD) purchased a 13% stake in Agricover Holding SA in 2017 for EUR 7 million.

(Photo source: Facebook/Agricover)