Italy's Ferretti opts to pursue dual primary listing in Milan

MILAN, March 20 (Reuters) - Italian yacht maker Ferretti said on Monday it decided to proceed with a potential dual primary listing on Euronext Milan a year after it joined the market in Hong Kong. The luxury yacht group said in a statement the deal is subject to a number of conditions, including getting the green light from regulatory authorities and stock exchanges both in Hong Kong and Italy. The company added it planned to amend its by-laws to effect the changes to allow its shares to be traded in European Union
venues. Shares need to be centralised and represented in a book-entry form. Ferretti, which is controlled by Chinese conglomerate Weichai Group and whose brands include Riva, Pershing and Wally, picked UniCredit , Goldman Sachs and JP Morgan to work on an initial public offering in Milan, two sources told Reuters in October. In a separate statement Ferretti said on Monday it acquired a production site of over 70,000 square metres near Ravenna, in Italy.

The company said it aimed to create new production areas and an R&D centre, for a total investment of 80 million euros. "The new facility, when fully operational, will increase production capacity by about 20%" Ferretti said.
(Reporting by Elisa Anzolin Editing by Keith Weir)

Reuters

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off-the-wire

Italy&apos;s Ferretti opts to pursue dual primary listing in Milan

By Reuters

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Italy's Ferretti opts to pursue dual primary listing in Milan