Seventh Continent, Moscow’s largest retail chain, has said that it will offer up to 10,480,603 new ordinary shares to the market having reported an impressive rise in net profits.

According to a report by Reuters, Seventh Continent said in a statement issued yesterday (16 March) that Deutsche UFG investment bank would offer shares to Russian investors through an open subscription and international investors under Rule C of the Securities and Exchange Commission.

Yesterday, the company also reported a 69% rise in net profits for 2005, which increased to RUB1.33bn (US$47.77m).

The issue will increase the retailer’s free float from 13% to 25%.