March 28 (SeeNews) - Serbia's MK Fintel Wind, a joint venture of Serbian vertically integrated conglomerate MK Group and Italy's Fintel Energia Group, said it plans to carry out an initial public offering (IPO) on the Belgrade Stock Exchange in May.
The stock market listing brings many advantages and enables a more stable and firm financial structure, while the experience of Fintel Energia can serve as a benchmark for the future development of the Belgrade bourse, the executive director of MK Fintel Wind, Tiziano Giovanetti, said, as quoted in a statement by MK Fintel Wind on Tuesday.
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"In order to better explain our potential to the public, I must point out that today we are a pioneer in the wind energy industry in Serbia and the first company ever allowed to operate facilities producing electricity from wind. Also, we are the second biggest green energy producer in the country after EPS and market leader among private independent electricity producers," Giovanetti said.
In May 2017, MK Fintel Wind said it plans to sell between 20% and 40% of its capital on the Belgrade Stock Exchange, raising 60 million euro ($74.4 million) from institutional and private investors that will be invested in the construction of a 117 MW wind farm in Kosava, northern Serbia, and other smaller projects.
The transaction would represent the first IPO on the Belgrade Stock Exchange since 1940. Set up in 1893, the Belgrade stock market ceased to exist in 1953, when it was formally abolished by the Yugoslav government. The 32 biggest banks of the former Yugoslavia re-established the bourse in 1989. In 2000, the stock market started the secondary trading of shares in privatised companies.
MK Fintel Wind, a 46/54 joint venture between MK Group and Fintel Energia Group, was set up in 2008 and already operates two wind farm in Serbia, with a combined installed capacity of 16.5 MW.
Fintel Energia has been trading on the Milan Stock Exchange since 2010.
($ = 0.8064 euro)