Russian Aquaculture restarts fund-raising

News
1768

A total of of 32,8 Mn new shares are already registered with the Central Bank of the Russian Federation. Shares will be placed on Moscow Exchange.

Adjusted for an expected discount on the new shares, Russian Aquaculture is expected to raise around €70m.

Pricing is expected to be announced before the end of November, and will be determined by the Board of Directors, which will take into consideration an analysis of demand.

Funds from the offering will be used by Russian Aquaculture for general corporate needs and for implementation of the it’s investment programme aimed at creating Russia’s leading aquaculture company.

Otkritie Bank and Gazprombank are acting as the joint global coordinators and bookrunners for the offering. Otkritie Bank is also acting as the broker for the offering.

Russian Aquaculture CEO Ilya Sosnov said:

“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.

“Russian Aquaculture’s financial results serve as proof that our new business model is the right one. I have full confidence that our unique 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.”

Russian Aquaculture recently bought their second smolt production facility in Norway.