ROME (Reuters) – Italy’s Chinese-owned luxury yacht maker Ferretti said on Tuesday its shares have been admitted to Borsa Italiana’s Euronext Milan exchange.
Share trading, due to start on June 27 pending regulatory approval, is part of a dual listing, as Ferretti shares have been part of the Hong Kong Stock Exchange since last year.
Chinese conglomerate Weichai Group, through Ferretti International Holding S.p.A., currently has a 63.75% stake in the yacht maker, whose brands include Riva, Pershing and Wally.
The offer period for the Milan listing is set to commence on Wednesday and end on Thursday and will involve up to 88.5 million shares, equal to 26.1% of Ferretti’s share capital.
However, if an over-allotment option is fully exercised, the total number of shares included in the offering will amount to around 28.7% of the share capital, the company said.
The over-allotment option, equivalent to 10% of the shares in the offering, is reserved for Italian bank Unicredit, which is acting as stabilisation manager on behalf of the joint global coordinators and joint bookrunners of the offering.
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(Reporting by Alvise Armellini; Editing by Keith Weir)