Russia's Cherkizovo Launches Moscow Share Offering
Cherkizovo, Russia’s largest meat producer, has announced plans to conduct an offering of its ordinary shares listed on the Moscow Exchange.
In the offering, shares will be sold by existing shareholders, including MB Capital Europe, as well as nearly three million shares sold by APK Mikhailovsky, a wholly-owned subsidiary of the company.
The offering of primary and secondary shares is set to raise over $300 million.
“Since our initial public offering in 2006, Cherkizovo Group has evolved from a regional meat processor into the largest vertically integrated diversified protein producer in Russia," said Sergei Mikhailov, CEO of Cherkizovo.
"Having substantially completed our latest investment cycle, we believe we are now well-positioned to capitalise on our investments and deliver strong financial results and cash flow in the years ahead."
Cherkizovo operates eight poultry production facilities, 16 pork production plants, six meat processing plants, eight feed mills, and over 287,000 hectares of agricultural land in Russia.
Last year, the company recorded sales volumes of 1.45 million tonnes, representing an increase of 16.5% compared to the previous year.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.