The German owner of “EkoNiva” has postponed the IPO due to "political situation" in Russia
"We need to look at how the West looks at Russia from the point of view of the investor, and I must admit, we should not go for (IPO - IF) now, unfortunately" - said Durr.
At the same time, the company does not completely abandon the placement, and expects more favorable conditions for the IPO, he said.
"We are studying the situation. The political situation (in Russia - IF) will greatly affect the price, we do not want to give for free", - continued Durr.
If the company still decides to place shares, then "at the present time" it will choose the "Moscow exchange". Although in this case we do not expect the arrival of "typical Western investors", he added.
"We had a lot of meetings - more than 50-with different investors in Frankfurt, London, Stockholm, Moscow. And everyone likes the company, everyone likes agriculture. I must say that this topic (the interest to agro-industrial complex - IF) did not exist before. But the topic of Russia frightens everyone: the situation with the sanctions is unclear, it is unknown whether sanctions against the financial sector will take place on not", concluded Durr.
In August, it was reported that the German company was transformed into a joint stock company (now it is called Ekosem-Agrar AG, not Ekosem-Agrar GmbH) to increase flexibility to attract financing. And the administration of the company began preparations for the initial placement.
The company's bonds are traded at the Frankfurt stock exchange. Issues of 50 million euros and 78 million euros were placed in 2012 for 5 and 6 years, respectively, but in 2016 their circulation was extended for 4 years.
“EkoNiva” is the largest producer of raw milk in Russia (livestock - 51,75 thousand heads, milk production - 1,365 thousand tons per day). The company also produces dairy products.
Recently, EkoNiva actively acquired agricultural assets. In particular, in December 2017, the company obtained control over the agricultural holding "OkaAgro". It belonged to Nikita Gordeev-the son of Deputy Prime Minister Alexey Gordeev.
The revenue of Ekosem-Agrar in 2017 amounted to 246 million euros, adjusted by EBITDA - 69.5 million euros. The land bank of the company in Russia is 386 thousand hectares.
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