November 29, 2019 / 11:08 AM / 12 days ago

Italy's Sanlorenzo sees dividend at 30-40% of profits in 2020-21

MILAN (Reuters) - Italian yacht maker Sanlorenzo will pay a dividend of 30-40% of its profits in 2020 and 2021, its executive chairman said on Friday as the company sought to attract investors to its initial public offering (IPO).

The yacht maker is hoping to start trading on Milan’s stock exchange on Dec. 10, shrugging off a dismal season for European stock market listings.

It will offer 11 million new and existing shares, corresponding to 31.9% of its capital, targeting a valuation of up to 656 million euros ($723 million).

Sanlorenzo Executive Chairman and owner Massimo Perotti said funds raised through the share sale would be used to repay almost all of the company’s debt, which totalled around 87 million euros at the end of September.

Speaking at a press conference, Perotti said he expected “high single digit” revenue growth in the coming years, adding he had no interest in acquiring other brands.

The company will look at developing further in geographic areas where sales are still not high, such as North America and the Asia-Pacific region, Perotti told reporters.

He added that the number of yachts built every year could be increased from around 50 currently.

Reporting by Elisa Anzolin; Editing by Kirsten Donovan

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