KSG Agro stock almost 4% up on debut
2011-05-05 17:39:29
Stocks of Ukrainian company KSG Agro were 3.86% up to PLN 22.85 (USD 1/PLN 2.7) during the first day of trading at Warsaw Stock Exchange (WSE).
The stock turnover made up almost PLN 1 million.
Earlier, the company informed about selling of all stocks of a new issue totaling 4.925 million, offered to investors, at PLN 108 million (PLN 22/share).
89% of stocks were purchased by institutional investors, 11 - by private, reduction among which made up 86%.
WSE allowed 14.925 million shares of companies for turnover.
As UKRINFORM reported, KSG Agro intends to use the funds from IPO for an increase of the land bank to 150,000 ha in 2016 from the present 33,700 ha, as well as to double productivity of the used lands.
KSG Аgro, whose main assets are concentrated in Dnipropetrovsk region (Ukraine's east), is mainly engaged in plant growing.
In 2010, the company increased net profit fourfold to USD 10 million with the increase of income to USD 15.6 million from USD 13.8 million in 2009.