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Fresh Produce

Russian Meat Firm Cherkizovo Postpones Share Sale

Russian meat producer Cherkizovo Group said on Thursday it had decided to postpone a planned share offering in Moscow, citing stock market volatility.

The company will closely monitor the developments on the capital markets, it said in a statement.

"Feedback from the market to date has been positive and confirms interest from the investor community in Chekizovo’s story and prospects," said Sergei Mikhailov, CEO of Cherkizovo.

"However, the current market environment poses a significant challenge to executing a successful offering, irrespective of the strong fundamentals of our business.

"We will, therefore, continue to monitor capital markets conditions, aiming for an appropriate time to launch our offering against a more constructive market backdrop where investors can better focus on Cherkizovo's compelling story."

The company remains 'committed to establishing a liquid market for its shares on the Moscow Exchange', it added.

News by Reuters, edited by ESM. Additional reporting by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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