May 8, 2008

Cherkizovo offers new shares to raise US$82.25 million
 

Russia's largest poultry producer Cherkizovo expects to raise US$82.25 million in gross proceeds after it sells it shares at US$23.50 at a local offering.

The company had placed 3.5 million ordinary shares on the Russian Trading System stock exchange, including 488,392 shares with existing shareholders, the London-listed Cherkizovo said in a statement.

The aggregate proceeds, which are expected to reach US$79.3 million after deduction of offering-related costs, will be used to fund the company's growth plans and repay some of its debts.