KYIV, UKRAINE – Following recent press reports, notably in the Ukrainian publication RBC, Avangard (LSE: AVGR) clarifies that it has no plans to purchase cattle or to diversify its business in this direction. All reports of this nature referred to Avangard Chairman Oleg Bakhmatyuk’s other business interests, which are not connected to Avangard.
Avangard reiterates that the proceeds raised from its recent bond issue will be used to pay down debt, including a bank loan to Public Joint-Stock Company “Commercial Bank “Finansova Initiatyva”, and will go towards expanding operations at its Imperovo egg processing plant.
Avangard will keep bondholders and shareholders notified of any future developments.