Russia’s Cherkizovo Group today (7 May) said that it has started offering new shares representing about 11.2% of the company’s capital.

The meat processor said that it hopes to sell 5m additional shares at US$23.5 per share. The company said that it plans to offer over 1.8m shares overseas.

Cherkizovo’s net profit more than doubled in fiscal 2007, rising to $61.6m, and consolidated revenue rose 33% to $840.8m.

The group operates eight meat processing plants, one poultry processing plant, two poultry farms, four pig farms, and a feed plant. It has two trading houses with branches in 12 Russian cities.

The company has not disclosed what the additional funds will be used for.