Russian Sea resumed preparation to IPO

Russian Sea Group of Companies has resumed preparation to IPO at the nation's exchanges, reports www.megafishnet.com (www.fishnet.ru) with reference to Vedomosti.

A spokesman of Russia's investment bank says that Russian Sea can place its shares in spring 2010. The group reportedly plans to conduct the IPO this year, but the final decision has not been made yet and it will depend on the market conditions and results of assessment. The Group's main founder Maxim Vorobjov has given no comments on the matter, said the report.

Credentials for the deal's arrangement have been received by Renaissance Capital and VTB, confirmed one of the banks' clerks.

Russian Sea is reportedly looking into a possibility to place up to 30% of its increased authorized capital stock of OAO Russian Sea Group of Companies (plc). The financial year of 2008/2009 (ending up on 30 June 2009) has resulted into a turnover of RUR18 billion and EBITDA of RUR1.55 billion, said one of the spokesmen in the know of the deal's details.

OAO Russian Sea Group of Companies (plc) registered in Saint Petersburg is the only founder of three companies controlling the group's main directions: ZAO Russian Sea, ZAO Russian Fish Company and OOO Russian Sea - Aquaculture. The group's 95% shares belong to Cyprus-based Corsiko Limited.