The Russian Direct Investment Fund (RDIF) has formed a consortium of investors to participate in the secondary public offering (SPO) of PhosAgro shares.
Together with RDIF, the Russia-China Investment Fund (RCIF), which was established by RDIF and the China Investment Corporation, and funds from the Middle East participated in the acquisition of a minority equity position in one of the world’s largest vertically-integrated producers of mineral fertilizers.
Kirill Dmitriev (pictured), co-CEO of RCIF and CEO of RDIF, says: “We believe in the attractiveness of the Russian equity market and are willing to participate in numerous notable offerings alongside our foreign partners. PhosAgro SPO, with RDIF participation alongside six leading sovereign wealth funds, has unlocked a good opportunity for us and our international partners to invest in one of the world’s leading producers of mineral fertilizers with lowest production costs globally and significant export potential. We are confident in the company’s continued growth prospects and further strengthening of its position in Russia and abroad.”
Hu Bing, co-CEO of RCIF, says: “We are pleased to support the development of the industry leader, PhosAgro. This investment will strengthen the company's position and may open the window for a more extensive cooperation with Chinese financial institutions. The Russian market needs more success stories, and this is the right moment to show one. The Russian stock market is recovering and attracting more investors from China and other countries.”
