Belarus grocery chain Eurotorg poised for £227m London float
Telegraph, one of the leading media covering the biggest news and distributed across the United Kingdom and internationally, on 11 October 2018 published the article about the Company’s intention to float on the London Stock Exchange.
The full article is quoted below:
"Belarus grocery chain Eurotorg is embarking on the country's first overseas float with a $300m (£227m) London listing.
The company has announced plans for an initial public offering, raising around $200m through its initial sale to help pay down debt.
Eurotorg is the country’s biggest food retailer controlling around 19pc of the Belarus market and is best known for its Euroopt stores.
The move will mark the first international listing for the former Soviet republic, which declared independence in 1991.
Chief executive Andrei Zubkou said it marked a milestone in the history of the company. The retailer is expected to begin trading on the London stock market towards the middle of November. Eurotorg has 627 sites in Belarus and 930,000 customers shopping in its stores each day.
Like-for-like sales, which discount new store openings, climbed 6pc for the six months to June 30 this year. Total sales jumped 10pc to $1.1bn.
As part of the plans, Eurotorg will sell its banking business, StatusBank, to shareholders.
Mr Zubkou said: “Modern format grocery retail has taken root in Belarus but retains plenty of potential for further growth, given current market penetration of 46pc – similar to where Poland was more than a decade ago.” He said Belarus was becoming “increasingly open to international investors”.
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