Italy's Ferretti working on dual listing, shareholders to meet on May 18

MILAN, May 10 (Reuters) - Italian yacht maker Ferretti said on Wednesday it had been working on a potential dual listing that would see it float in Milan along with Hong Kong, as the group reported a 9.3% increase in first-quarter revenues. Ferretti, which went public in Hong Kong in March 2022, is aiming to launch a public offering of shares in Italy in June, depending on whether it gets the final approvals from the market authorities in time, two sources close to the matter said.

In the offering, China's Weichai Group, which currently owns 64% of the yacht maker, could sell roughly half of its stake, one of the sources added. Ferretti added that it had called a shareholders' meeting for May 18 to resolve upon the application for the potential dual listing and amendments to its existing by-laws, which are needed to allow its shares to be traded in the European Union.

Italy's Prada is also considering a potential dual listing in Milan, with the luxury fashion group's leading shareholder Patrizio Bertelli telling Reuters in March that the move remained an option though there were technical issues to resolve.

Ferretti, whose brands include Riva, Pershing and Wally, picked UniCredit , Goldman Sachs and JPMorgan as global coordinators to work on the IPO, sources told Reuters. The company, which currently has a market cap of $983 million ($983 million), said on Wednesday its sales totalled 280.3 million euros in the first quarter, against 256.4 million euros a year earlier. ($1 = $1.0000) (Reporting by Elisa Anzolin; Editing by Jan Harvey)

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Italy's Ferretti working on dual listing, shareholders to meet on May 18

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

Solid price gains for gold, silver after busy news weekend

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Silver prices breach $32/oz as bullish technicals and fundamentals suggest potential breakout

off-the-wire

Italy&apos;s Ferretti working on dual listing, shareholders to meet on May 18

By Reuters

Reuters

Reuters

Italy's Ferretti working on dual listing, shareholders to meet on May 18