The board of directors of the Ferretti Group, a shipbuilding company based in Italy but part of the Chinese state-owned group Weichai, approved last Tuesday the process of listing on the Milan Stock Exchange, on the Euronext market.
DUAL LISTING, IN HONG KONG AND MILAN
The operation must however receive approval from the company’s shareholders – starting with Weichai, the reference shareholder –, from regulatory authorities and from the Italian and Hong Kong stock exchanges: since last year, in fact, the Ferretti Group has been listed on the Hong Kong Stock Exchange, in China.
If the process is successful, the company will be listed both on the Hong Kong Stock Exchange and on Euronext Milan: this is known as a dual listing.
WHAT CHANGES
Once the possible initial public offering in Milan is completed, the Ferretti Group will increase its free float from 28 percent to about 50 percent. Weichai, which in 2012 purchased 86.8 percent of the shares for a cost of 178 million euros, will sell part of them. The remaining part of the capital is owned by Piero Ferrari, the vice president.
ALL FERRETTI’S MOVES IN ITALY
The Ferretti Group specializes in yacht construction. At the end of February, the Italian authorities approved its project for the construction of a plant dedicated to building these boats in the port of Taranto, in Puglia, more precisely at the former Yard Belleli. The investment totals 204 million euros: it was supported with 137 million euros of public funds and should lead to the creation of two hundred new jobs.
On March 20, Ferretti also acquired the San Vitale shipyard in Marina di Ravenna from Ferretti Marino, intending to dedicate it to yacht production.
THE ACCOUNTS IN 2022
In 2022, the Ferretti Group reported a net profit of 60.5 million euros, compared to 37.4 million in 2021. Last year, revenues exceeded one billion.
