Don Agro International: November 2025 Asset Valuation and Strategic Acquisition Update

Key Financial Highlights for November 2025

• Assets: As at 30 November 2025, Don Agro International Limited reported total assets of S\$71.38 million. The asset base included a long-term investment of S\$534,000, trade and other receivables of S\$45.54 million, and cash and cash equivalents totaling S\$25.30 million.
• Liabilities: The company maintained a low liability profile, with total liabilities of S\$1.49 million (trade and other payables: S\$1.36 million; current tax liabilities: S\$89,000; provisions: S\$39,000).
• Net Assets: The resulting net asset value stood at S\$69.89 million.
• Cash Movements: During the month, the company started with S\$24.26 million in cash and closed with S\$25.30 million after accounting for S\$253,000 in deposit interest income, S\$1.24 million in foreign currency translation adjustments, and payments totaling S\$447,000 for general administrative expenses and bank charges.

Strategic Milestones: Proposed Major Acquisition in Oncology Sector

• Proposed Acquisition: Don Agro’s subsidiary, JSC Tetra, entered into agreements on 6 September 2024 to acquire 99.99% of 812 Capital LLC and 11.5% of Centre for Innovative Medical Technologies, LLC (CIMT). These entities, forming the “Target Group,” operate a network of expert oncology clinics in Russia under the “Euroonco” brand, providing comprehensive cancer diagnostics and treatments with facilities in Moscow, Saint Petersburg, and Krasnodar.
• Regulatory Progress: The company has received several key regulatory waivers and approvals from the Singapore Exchange Securities Trading Limited (SGX-ST), including waivers related to cash utilisation, escrow requirements, and continued trading. These milestones are pivotal in progressing the acquisition.
• Financial Commitment: In March 2025, Don Agro advanced payments totaling RR 2.22 billion (approx. S\$34.5 million) to the vendors for the proposed acquisition, following approval from the SGX-ST.
• Short-Term Loan to Target Group: In May 2025, JSC Tetra extended a short-term loan of RR 236 million (approx. S\$3.8 million) to the Target Group. This funding facilitated the purchase of additional medical facilities operating under the “Uni Clinica” brand in Moscow, significantly expanding the Target Group’s medical footprint.
• Ongoing Due Diligence and Documentation: The company’s auditors and legal advisors are currently conducting due diligence and audit work for the acquisition. A detailed shareholder circular is under preparation, which will be circulated before the extraordinary general meeting to approve the acquisition.
• Extension for Listing Requirements: On 2 July 2025, SGX-ST granted Don Agro a six-month extension to meet new listing requirements under Rule 1017(2) of the Catalist Rules, providing more time to complete the acquisition process.
• Formalisation of Loan Agreements: On 7 October 2025, formal loan agreements were entered into with the Target Group, and on 12 November 2025, supplemental agreements were signed to amend various acquisition terms.
• Major Milestone Notification: On 20 November 2025, Don Agro notified SGX-ST that the acquisition constitutes a very substantial acquisition under Catalist Rules, marking a significant step towards deal completion.

Potential Price-Sensitive Information and Shareholder Considerations

• Transformational Acquisition: The acquisition of a leading oncology network in Russia represents a major strategic shift for Don Agro, potentially diversifying its business into the high-growth medical sector. This could materially affect the company’s future earnings profile and risk exposure.
• Significant Capital Deployment: The payment of S\$34.5 million and extension of S\$3.8 million in loans underscore the company’s substantial financial commitment to the new business direction. Investors should consider the impact of these outflows on the company’s liquidity and future capital requirements.
• Regulatory and Execution Risks: Although multiple waivers and approvals have been secured, the acquisition remains subject to final due diligence, shareholder approval, and compliance with Catalist Rules. Any delays or issues could impact the timeline and, consequently, the company’s valuation.
• Shareholder Approval Pending: The transaction is not yet complete—shareholder approval is required at an upcoming extraordinary general meeting. Shareholders will receive detailed information in the forthcoming circular.

Conclusion

Don Agro International is at a pivotal juncture, with robust financials and a transformative acquisition in progress that could redefine its business model and growth trajectory. The ongoing acquisition of a leading Russian oncology network is a potential game-changer and, if completed, is likely to have a substantial impact on the company’s share value and long-term prospects.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to read official documents, consult with financial advisors, and consider their own investment objectives and risk tolerance before making any investment decisions. The information herein is based on public disclosures and may be subject to change or further clarification by Don Agro International Limited.

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