business in brief

Avangard Seeks to Raise US $ 198-256 mn on LSE IPO

22.04.2010 |

Avangardco Investments Public Ltd managing the Ivano-Frankivsk-based Avangard holding company expects to raise US $ 198-256 mn from the IPO at the London Stock Exchange in May. The company said it planned to perform the sale of its stock with the help of the issue of Global Depository Receipts. The company plans to use the raised funds for financing expansion and diversification of its egg business, including the completion of the construction of two diary complexes in Khmelnytskiy and Kherson oblasts, and, the expansion of the egg factory in Ivano-Frankivsk oblast. Avangard reportedly earned US $ 319.855 mn last year, a 5.8% or US $ 17.563 mn growth over 2008.

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