Agroholding “Rusagro” has started an additional issue, is spoken in the message of the company on the website of the Moscow exchange. In the course of issue is intended to raise up to $250 million of the additional issue at $100 million, may purchase the main shareholder of “Rusagro”, the ex-Senator from the Belgorod region Vadim Moshkovich. Also to participate in the additional emission is going to the General Director “Rusagro” Maxim Basov, who owns about 7% of the company. Who else is planning to buy shares of Rusagro, IR Director of the company Sergey Tribunsky not comment.
Shareholders “Rusagro” has approved secondary public offering (SPO) of up to 10 million shares at the extraordinary General meeting on 8 April. The company will place shares in the form of global Depositary receipts. In message Reuters, citing a source in the financial market indicated that the sale itself will be held on April 27.
The funds that the company receives during the placement will be used for financing part of investment projects, including breeding pig breeding complex in Primorye. The capital cost of construction of pig-breeding complex in the region amount to about 60 billion RUR 20-25 billion of which is expected to be spent during the first two to three years. Also funds will be used to Finance projects in Central Russia, in particular, to a greenhouse complex in the Tambov region. Investment in the construction of the greenhouse complex in the Tambov region will total about 20-25 billion rubles, indicated in the message.
At the end of March, the company announced that in the Tambov region it is planned to construct 100 hectares of greenhouses for growing cucumbers, tomatoes and lettuce. Construction is scheduled to begin in summer 2015.
Rusagro produces sugar, pork, butter, margarine, mayonnaise, and also plant growing. According to analyst firm BEFL, in 2014 the holding took 4-th place in the ranking of the largest Russian agro-holdings. In 2015, its revenue amounted to 72.4 billion rubles, an increase of 22.6%, net profit increased by 17.4% to 23.7 billion rubles.
The family of Vadim Moshkovich owns 75% of Rusagro, 1.8 per cent is owned by the group (Treasury shares), another 7% owned by the group’s CEO Maxim Basov. The free float on the London stock exchange is 16.2% of the company’s shares. According to Forbes, Vadim Moshkovich takes 38 place in the rating of the richest businessmen of Russia with $2.3 billion.