News Column

Poultry empire Moy Park eyes £1bn stock float

August 18, 2014

OLIVER SMITH



MARFRIG, the Brazilian owner of food giant Moy Park, is exploring plans for a London public offering of the firm which could value the poultry producer at 1bn.


Moy Park, which supplies meat to fast food chains, including McDonald''s and Burger King, issued 200m of bonds earlier in the year, seen as a precursor to a float.


In its interim results last week, Marfrig said: "We continue to exploit alternatives to accelerate growth at both Moy Park and Keystone [its American subsidiary]. Moy Park successfully tapped the sterling bond market in May 2014, opening up our story to a host of new and important UK investors.


"We believe Moy Park could be well positioned for an IPO [initial public offering] if we decide to pursue that path."


Moy Park's revenue rose 18.2 per cent to 1.3bn Brazilian Real (354.4m) during the quarter to 30 June, while its margins rose from 5.9 per cent to seven per cent.


Marfrig acquired Moy Park in 2008 for 400m as the Brazilian group looked to expanded its food empire, but Marfrig now carries a 1.9bn debt pile that it is looking to reduce.


Moy Park declined to comment.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: City A.M. (UK)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters