Salmon farm belonging to Russian Aquaculture. (Photo: Russian Aquaculture)
Russian Aquaculture plans share public offering to develop growth strategy
Friday, November 10, 2017, 22:20 (GMT + 9)
Russian Aquaculture plans to conduct a secondary public Offering of new ordinary shares of the Company, which will be placed on Moscow Exchange.
The Company informed it has already registered the issue of 32,769,223 new shares with the Central Bank of the Russian Federation. This represents the maximum potential volume of shares to be placed, and a final decision on the size of the Offering will be taken following the marketing period.
The company's intention is to use the funds from the Offering for general corporate needs and for implementation of the Company's investment programme aimed at creating Russia's leading aquaculture company.
The placement price will be determined by the Board of Directors of the Company, which will take into consideration an analysis of demand, and will be announced after the end of the period when shares may be purchased under pre-emptive rights.
"In recent years, we have successfully restructured the business and optimised our platform for growth. The management of Russian Aquaculture is focused on implementing our strategy, which aims to create long-term, sustainable growth and further improve the Company's operating efficiency,” pointed out Russian Aquaculture CEO Ilya Sosnov.
The executive also expressed his confidence in their experience in the production of high-quality salmon in Russia, and the business's significant potential for growth will be interesting for a wide array of domestic and international institutional and private investors.
As part of the strategy the Company plans to increase production volumes to 25-30 thousand tonnes in the next few years, to build a smolt plant in Russia in the long term, and also to become one of the world's largest producers of Atlantic salmon by volumes.