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MOSCOW, Sept 28 (Reuters) - A co-owner of Russia's Rusagro
, Vadim Moshkovich plans to sell a 13.4% stake in the
farming conglomerate via a secondary public offering (SPO) of
its shares, it said in a statement on Tuesday.
Moshkovich founded Rusagro nearly two decades ago. His stake
in the company will decline to 58.5% after the deal, Rusagro
said, adding that it would start meeting investors for the sale
on Wednesday.
Moshkovich, also chairman of Rusagro's board, plans to sell
18 million of the company's global depositary receipts (GDRs),
but remains committed to the company in the long term, Rusagro
said.
"Mr Moshkovich considers this is an appropriate moment for
partial recycling of capital from his majority holding in the
company to facilitate investments elsewhere across his existing
businesses and in new opportunities," the company said.
J.P. Morgan, UBS and VTB Capital are global
coordinators of the deal.
(Reporting by Polina Devitt; editing by Jane Merriman)