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X5 Retail Group announces that it does not now expect to undertake SPO this year
25 September 2007
X5 Retail Group has postponed issuing $1 billion in additional shares this year.
“X5 Group intends to pursue a diversified financing strategy and a secondary equity offering remains an option in the future. Nevertheless, there is no compelling reason for us to launch a Secondary Offering now, as we have the resources available to finance previously reported expansion plans approved by the Supervisory Board. The strong dynamics in EBITDA and net income growth gives additional confidence in the Group’s ability to fund organic growth and potential M&As without resorting to a Secondary Offering in a near term future”, Lev Khasis, Group CEO, said.
X5 Retail Group N.V. is the largest food retail company in Russia in terms of sales.
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