September 20, 2019 18:28
Rusagro could raise $200 mln-$300 mln with SPO - paper
MOSCOW. Sept 20 (Interfax) - Rusagro is gearing up to hold the SPO it has been planning and could close a deal in the coming week, the Vedomosti newspaper reports, quoting three potential participants in the offering.
One of them said the agriculture holding might raise $200 million-$300 million with the SPO, and another said $250 million.
Rusagro Group plans to conduct an SPO in 2019 or 2020, placing new shares on the market to raise financing, Rusagro chief Maxim Basov said in November last year. The size of the offering would depend what investment projects are approved.
Shareholders on March 15 gave the go-ahead to offer up to 6.5 million shares in the form of GDR at a price not less than the par value of shares or 0.01 euros each. Rusagro has 27.333 million issued shares and one share is equal to five GDR, so the company could offer up to 23.8% of its capital.
Rusagro is Russia's third biggest sugar producer with 13% of the market in 2018 and fourth biggest pork producer with 5%.
The family of Vadim Moshkovich owns 71.9% of Rusagro shares, Basov owns 7.3% and the free float is 20.8%.
Parent company Ros Agro held an IPO on the London Stock Exchange in 2011, raising $330 million and an SPO in April 2016 for $250 million.
The GDR close at $10.06 on the London Stock Exchange on September 19, valuing Rusagro at $1.49 billion.
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