All Ferretti chinoiserie for listing on the Milan Stock Exchange

27 March 20231 year ago babelfish

The board of Ferretti, a shipbuilding company controlled by the Chinese Weichai group, has approved the listing process on the Milan Stock Exchange: it would be a dual listing, given that the company is already present on the Hong Kong Stock Exchange. All the details

The board of directors of the Ferretti Group, a shipbuilding company based in Italy but part of the Chinese state-owned Weichai group, approved the process of listing on the Milan Stock Exchange, on the Euronext market, on Tuesday last week.

DOUBLE LISTING, IN HONG KONG AND MILAN

However, the operation will have to receive the approval of the company's shareholders – starting from Weichai, the one of reference -, of the regulatory authorities and of the Italian and Hong Kong stock exchanges: since last year, in fact, the Ferretti Group has been listed on the Hong Kong Stock Exchange Kong, China.

If the process is successful, the company will be listed on both the Hong Kong Stock Exchange and Euronext Milano: this is referred to as a dual listing .

WHAT CHANGES

Once the eventual initial public offering in Milan has been concluded, the Ferretti Group will increase its free float from approximately 28 percent to approximately 50 percent. Weichai, which in 2012 bought 86.8 percent of the shares for a cost of 178 million euros, will sell part of it. The remaining part of the capital is owned by Piero Ferrari, the vice president.

ALL THE MOVES OF FERRETTI IN ITALY

The Ferretti Group specializes in the construction of yachts. At the end of February, the Italian authorities approved his project for the construction of a factory dedicated to the construction of these boats in the port of Taranto, in Puglia , more precisely in the former Yard Belleli. The investment is worth a total of 204 million euros: it was supported with 137 million of public funds and should lead to the creation of two hundred new jobs.

Then, on 20 March, Ferretti took over the San Vitale shipyard in Marina di Ravenna from Ferretti Marino, with the intention of using it for the production of yachts.

ACCOUNTS IN 2022

In 2022, the Ferretti Group reported a net profit of 60.5 million euros, against 37.4 million in 2021. Last year, revenues exceeded one billion.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/gruppo-ferretti-quotazione-borsa-italiana/ on Mon, 27 Mar 2023 06:18:34 +0000.