28 May 2010 18:06

Renaissance Securities boosts Rosinter stake to 17.7%.

MOSCOW. May 28 (Interfax) - The Cyprus-based investment company Renaissance Securities has increased its stake in Rosinter Restaurants Holding from 11.56% to 17.66%, a statement from Rosinter says.

Neither party has commented on the deal.

The restaurant holding's charter capital is split into 12,030,457 common shares. The last deal with Rosinter shares took place on the RTS May 12 at $16 per, so the value of the stake Renaissance Securities acquired (6.1% or 733,860 shares) might have been roughly $11.74 million. The value of all the investor's Rosinter shares could be $33.99 million.

Renaissance Capital was the organizer of Rosinter's SPO late this past February. The holding's main shareholder, RIG Restaurants, placed 2.6 million shares (21.8% of charter capital) at $10.5 per share, raising $27.5 million.

Rosinter was looking to issue an additional 4.27 million shares during the SPO and sell them in open subscription at $10.5 apiece for almost $45 million. RIG was to buy the bulk of the additional issue, exercising preemptive rights, using all the proceeds from the SPO (the $27.5 million). The Federal Financial Markets Service (FFMS) registered the new issue on May 25.

Rosinter completed six new restaurants in April - two franchises and four of its own. At the start of May, the company consisted of 354 restaurants, 95 of them franchises. The company's main brands are Il Patio, Planeta Sushi, 1-2-3 Cafe, and T.G.I. Friday's. The holding also encompasses the American Bar and Grill, Santa Fe, Cafe des Artists, Sibirskaya Corona (under license), and Costa Coffee (under a joint venture with Whitbread Plc).

Rosinter Restaurants Holding incurred net losses of $8.4 million in 2009, down from $15.2 million in 2008 losses. Company sales revenues decreased as a result of ruble devaluation by 21.8% to $263 million.