Perekriostok growth to be financed by its shareholders, yet not ready for IPO

Perekriostok is not going to launch its IPO at least until 2006, Vedomosty newspaper reports. Shareholders of the chain yet prefer not to attract third parties and are ready to finance the chain on their own. According to Perekriostok Financial Director Vitaly Podolsky, in 2005 the company is planning to invest into the chain s development USD120-140 million. All this money will come from the chain s own earnings, some credits and shareholders, who are to provide USD50 million for additional issue of the chain s shares due to take place soon. Such amount of investments is to enable the chain to launch 50 more supermarkets and hypermarkets in Moscow and in the regions next year bringing turnover of the chain to USD1 billion.

Besides, Perekriostok Director General Alexander Kosianenko mentioned the possibility of placing bonds worth RUB1.5 billion with 3 years maturity within half a year. "This step will enable us to enlarge our investors base and continue our credit history", he said. A. Kosianenko also told that the company considered placing Eurobonds in near future.

Perekriostok is not going to launch its IPO at least until 2006, Vedomosty newspaper reports. Shareholders of the chain yet prefer not to attract third parties and are ready to finance the chain on their own. According to Perekriostok Financial Director Vitaly Podolsky, in 2005 the company is planning to invest into the chain s development USD120-140 million. All this money will come from the chain s own earnings, some credits and shareholders, who are to provide USD50 million for additional issue of the chain s shares due to take place soon. Such amount of investments is to enable the chain to launch 50 more supermarkets and hypermarkets in Moscow and in the regions next year bringing turnover of the chain to USD1 billion.

Besides, Perekriostok Director General Alexander Kosianenko mentioned the possibility of placing bonds worth RUB1.5 billion with 3 years maturity within half a year. "This step will enable us to enlarge our investors base and continue our credit history", he said. A. Kosianenko also told that the company considered placing Eurobonds in near future.