Kazakhstan property company Chagala is planning a £100 mln flotation on the London Stock Exchange in a bid to raise capital for further expansion. Run by British-born ceo Timothy Abson and Spaniard Javier del Ser, Chagala specialises in building western-style hotels and serviced flats for the oil industry based around the Caspian Sea.
Kazakhstan property company Chagala is planning a £100 mln flotation on the London Stock Exchange in a bid to raise capital for further expansion. Run by British-born ceo Timothy Abson and Spaniard Javier del Ser, Chagala specialises in building western-style hotels and serviced flats for the oil industry based around the Caspian Sea.
Last year, the company generated revenues of $14.5 mln (£7.4 mln) in the nine months to September 30, a 24% rise on the year-earlier period.
The planned flotation fits in with the trend seen in the past two years of central and eastern European companies resorting to London's capital markets to fund expansion, mostly via the junior Alternative Investment Market.
