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Share Sale By Russian Sea Group

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RUSSIA - Russian Sea Group is to sell shares to the value of US$200 million.

OAO Russian Sea Group, a fish producer and distributor, plans to sell as much as US$200 million of shares in an initial public offering in Moscow to repay debt and raise funds for investment, according to Bloomberg.

It is "too early" to say when the IPO may take place, commented Mila Rotinskikh, a Moscow-based spokeswoman.

Russian banks, Renaissance Capital and VTB Capital, have been appointed joint global coordinators and joint bookrunners for the sale, reports Bloomberg. Russian Sea Group will apply to list ordinary shares on the RTS and Micex exchanges in Moscow, selling stock 'currently held as treasury shares'.

Shareholder Corsico Ltd. will then purchase additional ordinary shares through a closed subscription.

Russian Sea Group was founded in 1997 and has three subsidiaries producing 'ready-to-eat fish', frozen fish and farming fish.