Northern Ireland integrator Moy Park may be heading towards a partial flotation on the London Stock Exchange, in a move that could raise more than £1bn for parent company Marfrig.
Sergio Rial, chief executive of Marfrig, said earlier this year that the business was considering the partial sale of its international subsidiaries, which include Moy Park and American beef producer Keystone, to pay down debt. At the time, it was suggested that a 25-30% stake could be publicly listed.
Earlier this year, the company raised £200m through Moy Park on the European bond market – considered a precursory to an initial public offering (IPO) by many. Marfrig also announced a £170m investment in processing facilities in Northern Ireland, while Moy Park executives have said up to 400 new poultry sheds could be needed to meet the company’s aspirations for growth.
Financial results released for Marfrig’s second quarter show revenue up 18.2% compared with the same period in 2013, attributed in part to a 27.6% growth in domestic sales of processed foods, as well as a 14.5% growth in fresh.
The latest set of financial results from Moy Park said it had annual sales of £1.2bn in 2013 and a pre-tax profit of £33.8m.