Sistema JSFC and the Russian-Chinese investment Fund (RCIF established by the Russian direct investment Fund and China Investment Corporation) announced the successful offering of shares of the company “Children’s world”.
the Value of one share was set at RUB 93 In sale of 15.94% of the shares, the sellers intend to raise up to 10,953 billion. Share AFK “System” in the retailer after posting will be reduced to 20.38% from 33,38%, RCIF — to 4.62% from 7.56% in the aggregate they will retain 25% plus one share of the company.
following completion of the offering of the shares in the “Children’s world” in the free float will amount to approximately 75%, whereas the combined stake of Sistema JSFC in the retailer after posting will be reduced to 20.38% from 33,38%, RCIF — to 4.62% from 7.56%. Together they will retain 25% plus one share of the company.
co-organizers and bookrunners of the offering are Credit Suisse Securities (Europe) Limited, Goldman Sachs International, Sberbank CIB, Alfa Bank and VTB Capital.
the Selling shareholders have made commitments to netcasting of shares (lock-up) within 90 calendar days from the date of completion of the offering, except in some market for this kind of deals exceptions.
AFK “System” plans to use proceeds from offering for General corporate purposes, including to repay debt. By 30 April the total debt of the Corporation amounted to 37.7 billion rubles, taking into account the loans and bonds.
Demand for the shares “Children’s world” by foreign and Russian investors has exceeded the offer five times, more than 60% of the order book was signed by international funds from Europe, America and Asia, said the head of the Russian direct investment Fund (RDIF) Kirill Dmitriev.
the President and the General Director RCIF Bin Hu noted that the Fund’s investments in “Children’s world” reflect the interest in investing in RRussia and are an example of successful Chinese investments in Russian companies.