Food importer G Willi-Food International is expecting to raise gross proceeds of approximately of US$7.9m from the issuance of subsidiary shares.

The company is conducting a placing and admission (IPO) for wholly owned subsidiary Gold Frost on London’s AIM market – representing approximately 24.3% of Gold Frost’s share capital.

Following the IPO, Willi Food said it would hold approximately 75.7% of Gold Frost’s share capital.

Willi-Food president and chief operating officer Zwi Williger said: “The appetite for Gold Frost’s shares on the AIM stock exchange has been overwhelmingly positive and the request for orders of Gold Frost shares has been oversubscribed.”

“We believe that this transaction demonstrates the value we have created for our shareholders in our Gold Frost subsidiary. We are executing our strategy of international expansion and remain committed to increasing shareholder value.”