Marfrig pushes ahead with floatation of Moy Park
Global food business Marfrig has confirmed the Initial Public Offering (IPO) of Northern Ireland-based subsidiary Moy Park in 2015 “if market conditions permit”.
The IPO was confirmed in Marfrig’s third quarter update. Marfrig has also mooted a floatation of its American beef business Keystone. The report calls Moy Park “an unquestionable growth story”, pointing to an annual sales increase from £800m in 2008 to an estimated £1.45bn this year.
Controlling stake
Previously, it has been suggested the integrator could raise more than £1bn for its parent company in any floatation – though it is understood Marfrig would retain a controlling stake.
Earlier this year, the company raised £200m through Moy Park on the European bond market – considered a precursory to an IPO by many. Marfrig also announced a £170m investment in processing facilities in Northern Ireland, while Moy Park executives have said up to 400 new poultry sheds could be needed to meet the company’s aspirations for growth.
Source: Poultry World
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