Follow us on:   

Russia real estate giant completes $330mn share issue
June 7, 2013, 12:46 pm


PIK Group is Russia’s largest real estate developer []

London and Moscow-listed PIK Group, Russia’s largest real estate developer, announces the completion of a secondary public offering that has increased the company’s capital by $330 million.

According to a statement on PIK Group’s website, a total of 167.2 million new shares were issued at 62.5 rubles ($1.90) each.

Billionaire Suleiman Kerimov, who controls 38.3 per cent of PIK Group through his Nafta Moskva holding, took part in the offering, although it was unclear how many shares Kerimov had purchased.

Company president Pavel Poselyonov and other executives bought 445,000 of the new shares, according to the statement.

PIK Group originally said they were seeking to raise a minimum of $150 million during the placement in Moscow.

The extra $180 million was generated by “strong investor demand,” the company said.

PIK Group mainly focuses on development of residential real estate, mortgage financing, construction and production of construction materials.

Source: Agencies

Leave a Reply

Your email address will not be published. Required fields are marked *

Anti-Spam * Time limit is exhausted. Please reload the CAPTCHA.