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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Fosun International Limited    0656   HK0656038673

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Fosun International : Polyus to sell up to nine percent of its shares in London, Moscow offering

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06/15/2017 | 12:20pm CEST
FILE PHOTO: A melter casts an ingot of 92.96 percent pure gold at a procession plant of the Olimpiada gold operation in Krasnoyarsk region

Russia's top gold producer Polyus (>> Polyus Zoloto OAO) will offer between 7 and 9 percent of its shares, including new shares, in its planned stock offer in London and Moscow, it said on Thursday as it set a price range.

Russia's top gold producer Polyus (>> Polyus Zoloto OAO) will offer between 7 and 9 percent of its shares, including new shares, in its planned stock offer in London and Moscow, it said on Thursday as it set a price range.

The price range was set at $33.25-$35.30 per global depositary share in London, corresponding to a price of $66.50-$70.60 per ordinary share in Moscow, Polyus said in a statement. The latter will be paid in roubles.

The company said the price range would result in a market capitalisation of between $8.5 billion and $9 billion on a pre-money, fully diluted basis, including treasury shares. Final pricing of the offer is expected on June 30.

Analysts said the price range looked attractive even though the timing of the offer, which is likely to test appetite for Russian assets and is the first major offering on the Moscow market in 2017, comes as Russian shares are hit by concerns about new U.S. sanctions and weaker oil prices.

"It is not the best moment for the placement, of course. It could significantly complicate the placement," said Kirill Chuyko at BCS Investment Bank.

Moscow's rouble-traded MICEX index <.MCX> hit its lowest level since March 2016 on Thursday after the U.S. Senate voted for new sanctions punishing Russia for meddling in the 2016 U.S. election.

Shares in Polyus, which is listed on the Moscow Exchange with a free float of 6.76 percent, were down 2 percent at 4,367 roubles ($75.9).

However, Polyus is a pure producer of gold, considered a safe haven during times of political and financial uncertainty, and its production costs are relatively low. Prices for the precious metal <XAU=> are near a three-weak low this week but up 10 percent this year.

Polyus delisted from the London Stock Exchange in late 2015 after Western sanctions over Moscow's role in the Ukraine crisis began to bite for Russian companies.

It returns to London buoyed by a recent $887 million deal to sell a 10 percent stake to a Chinese consortium led by Fosun International (>> Fosun International Limited).

The Chinese deal had valued Polyus at $70.6 per share, which is equal to the upper end of the price range for its share offer.

"Polyus looks attractive in this price range, the upper end of which coincides with the price of the previously announced deal with Fosun," Vadim Kotikov, analyst at Uralsib, said.

Polyus plans to raise $400 million from the sale of new shares and plans to use the proceeds to repay some of its debt and finance projects. Further proceeds from the sale of existing shares will go to its controlling shareholder, the family of Russian tycoon Suleiman Kerimov.

(Reporting by Polina Devitt and Diana Asonova; Editing by Katya Golubkova and Susan Fenton)

By Polina Devitt

Stocks treated in this article : Fosun International Limited, Polyus Zoloto OAO
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Financials ( CNY)
Sales 2017 82 723 M
EBIT 2017 14 819 M
Net income 2017 12 448 M
Debt 2017 74 125 M
Yield 2017 2,00%
P/E ratio 2017 7,16
P/E ratio 2018 6,18
EV / Sales 2017 1,94x
EV / Sales 2018 1,66x
Capitalization 86 339 M
Chart FOSUN INTERNATIONAL LIMITE
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Fosun International Limite Technical Analysis Chart | 0656 | HK0656038673 | 4-Traders
Technical analysis trends FOSUN INTERNATIONAL LIMITE
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 13,2  CNY
Spread / Average Target 31%
EPS Revisions
Managers
NameTitle
Qun Bin Wang Chief Executive Officer & Director
Qi Yu Chen Co-President & Executive Director
Xiao Liang Xu Co-President & Executive Director
Guang Chang Guo Chairman
Can Wang Chief Financial Officer, Executive Director & SVP
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