January 24, 2020 / 1:13 PM / 25 days ago

Italian certification group RINA looks for advisor for listing: CEO

MILAN (Reuters) - Italian engineering and certification services group Rina is looking for a financial advisor for a possible listing at the end of next year, chairman and chief executive Ugo Salerno said.

“We are considering a flotation. If we will decide in favor, it will not be before the end of 2021 or in 2022,” Salerno told Reuters in a phone interview.

He said a market listing would help the company with M&A opportunities in a fragmented market.

Rina is controlled by Registro Navale Italiano, a private foundation dating back to the 19th century that includes shipowners, insurers and industry bodies, and private equity groups Vei Capital and NB Renaissance, which jointly hold a 30% stake.

The group, which provides engineering, inspection and certification services in sectors ranging from marine and energy to environment and safety, last year reported revenues of 465 million euros ($515.87 million) and core earnings at around 11% of revenues, Salerno said.

Reporting by Elisa Anzolin; editing by James Mackenzie

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