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Cherkizovo Places More Shares

25 august 2011
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Cherkizovo Group has started placing 1.7 million extra shares.

Russian meat processor, Cherkizovo Group, has started a private offering of an additional issue of 1.7 million shares under the deal to acquire 100 per cent in Russian poultry producer, Mosselprom, the group said in a statement earlier this week.

In late June, the group’s board of directors set the share price for its additional offering at 854.80 rubles (RUB) per share. At that, Cyprus-registered Tuxford Trading Limited has a preemptive right to buy the additional issue.

Following the additional offering, Cherkizovo Group plans to increase its charter capital by four per cent. The group’s current charter capital amounts to RUB430,693 and is split into 43,069,355 shares.

In mid-May, Cherkizovo Group said that it is to pay US$252.9 million for Mosselprom, including the poultry producer’s debt of $183.8 million. The payment is to be effected partially in shares.

Cherkizovo Group’s key shareholders were MB Capital Partners, holding a 49.55 per cent stake, and the Bank of New York International Nominees, holding a 29.47 per cent stake as of 30 June.

The price of one Cherkizovo Group share was at RUB665.2 on the Moscow Interbank Currency Exchange (MICEX) at 15:38 Moscow time on Monday (22 August).

Cherkizovo Group is one of the largest meat processors in Russia. Mosselprom is a vertically integrated poultry complex with facilities in the Moscow and Tula regions.

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