June 18, 2015 / 7:59 AM / 2 years ago

Russia's Ulmart in talks with funds on private placement - co-owner

ST PETERSBURG, Russia (Reuters) - Russian Internet retailer Ulmart is in talks with several funds on a private placement of about 15 percent of its shares, hoping to raise at least $150 million this year, the company’s chairman of the board and co-owner said on Thursday.

Dmitry Kostygin, Chairman of the Board of Ulmart company, speaks during an interview with Reuters at the St. Petersburg International Economic Forum 2015 (SPIEF 2015) in St. Petersburg, Russia, June 18, 2015. REUTERS/Maxim Shemetov

Dmitry Kostigin told Reuters in an interview at the St Petersburg International Economic Forum that he expects Ulmart’s 2015 sales to be $1.2- $1.3 billion and that sales could reach $3-4 billion in 2016.

Reporting by Maria Kiselyova and Olga Sichkar, Writing by Lidia Kelly, Editing by Timothy Heritage

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