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Union Agriculture Group to list on Montevideo Stock Exchange

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Union Agriculture Group (UAG), the largest corporate agricultural landholder and operator in Uruguay, is to launch an initial public offering of shares to be listed on the Montevideo Stock Exchange (Bolsa de Valores de Montevideo).

In a landmark transaction, it will offer Uruguayan people direct investment access to their own farming industry through an investment grade operating business.
 
The offering comprises the issue of up to two billion new shares targeted at local institutional investors, and a second series of up to 200 million shares targeted at retail shareholders, including Uruguayan nationals. UAG expects to raise capital of between USD50m and USD100m.
 
The new equity will be used for further land acquisitions and the company has already identified a strong pipeline of potential opportunities. UAG expects to be able to grow its land under management from 89,070 hectares to 124,000 hectares from the proceeds of the IPO.
 
UAG has been active in Uruguay since 2008 and, through an active acquisition programme, has become one of the largest agriculture businesses in Latin America. The company is led by a management team which has been involved in the Uruguay agricultural sector since the 1980s, each with an average of 25 years of relevant experience.
 
Approval for the proposed transaction has been received by The Central bank of Uruguay, with marketing to potential investors already underway. The offer and listing is expected to be completed within the next 60 days, at which point a further announcement will be made.
 
Juan Sartori, executive chairman of UAG, says: “This offering represents a major milestone not only for UAG, but for Uruguay itself. Having built up the leading agricultural business in the region over the last five years, we are proud to be able to launch the first IPO in my home country since 2006. In particular, the IPO offers the opportunity for Uruguayan pension funds and individual local investors to have investment access to their own farming industry.”

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