Auga group, AB decided against proceeding with the shares purchase of Arginta Engineering

AUGA group, AB decided to terminate the share purchase agreement of UAB Arginta Engineering and instead, has chosen to cooperate on technology development with Arginta Engineering on a contractual basis.

The share sale and purchase agreement was signed on 22 January 2018, as per public notification of this event.

The agreement of shares purchase termination was signed on 14 March 2018. Following this agreement, AUGA group, AB will pay a termination fee of EUR 715 000, due no later than 31 December 2018.

"After additional assessment of the company’s strategic options, we decided that the optimal way to develop innovative organic farming technologies at this stage is contract-based cooperation with several professional engineering companies, including Arginta Engineering", - says Linas Bulzgys, CEO of AUGA group, AB.

CEO
Linas Bulzgys
+370 5 233 5340