Razguyay plans SPO

Large Russian agro-holding Razgulyay wants to attract 6.3 billion RUR to development in the secondary offering of shares in 2012-2013, said the chairman of the board of directors Rustem Mirgalimov.

In October 2010, Razgulay, burdened by high debt, sold his 21.42% stake to investment fund Avangard Asset Management, which specializes in agriculture, with an option to increase its stake to 30%.

The company changed its management and adopted a new strategy till 2015, which involves selling of noncore assets, reducing the debt and increasing the production of sugar and rice, as well as products with high added value, reminds Reuters.