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.
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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%.
