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

Ferretti SpA

20/03/2023 14:52

MILAN, March 20 (Reuters) - Italian yacht maker Ferretti
 F3T1.F  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  CRDI.MI , Goldman Sachs  GS.N  and JP Morgan
 JPM.N  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)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))