Synergy could hold IPO for agro-subsidiary within a year - source
MOSCOW. Oct 18 (Interfax) - OJSC Synergy could hold an IPO for its agro-subsidiary, OJSC Penta Agrogroup, within in a year.
The company is reserving its right to hold an IPO if the situation is favorable," a source close to the company told Interfax.
The source said that the placement of an additional share issue of 800 million rubles is a "technical operation".
The company said that it plans to hold an additional share issue worth 8 million shares at a face value of 100 rubles each on October 23. The issue was registered on September 29. The decision to issue the new shares was approved by shareholders in May of this year.
The RTS Index allowed shares in OJSC Penta Agrogroup into trading off-list in June of this year.
Synergy's non-core assets include 100,000 hectares of territory, as well as a several processing and poultry enterprises.
According to the SPARK database, Penta Agrogroup was registered on December 29, 2009. The company owns 91.58% in OJSC Dairy Plant Ussuriisky (Primorsk Territory), 96.87% in OJSC Dairy Plant DAKGOMZ (Khabarovsk Territory), 82.56% in Mikhailovsky Poultry Factory (Saratov Region), 46.5% in Meat Plant Nakhodkinsky and 99.9% in CJSC Russian Hectare Harvest (Saratov Region).
Synergy produces liquor products at seven plants. It also produces the Russky Lyod (Russian Ice) brand and began to make and distribute Veda vodka this July. The company's main owners are Mechetin and Federation Council member Valentin Zavadnikov. The company saw its net profits drop 10% last year to 1.15 billion rubles. Sales revenues were up 8% at 18.07 billion rubles and EBITDA 17% to 2.92 billion rubles