MOSCOW, Mar 5 - Rusagro Group, one of Russia's largest agroindustrial holdings, plans to raise $250-300 million
from listing on the London Stock Exchange in May, Kommersant business daily reported on Friday.

Rusagro, involved in sugar processing and agricultural production, was valued at roughly $1 billion by the
underwriting banks the paper said, quoting an investment banker and a source close to the company.

Rusagro, controlled by Russian senator Vladimir Moshkovich, plans to use the proceeds from an initial public
offering for the company's development and M&A deals.

It has no plans to refinance its debt as it doubled the company's EBITDA by the end of 2009, the source said.

So far, 60 percent of the company's earnings before interest, taxation and amortisation comes from the sugar division. Rusagro has earlier said it anticipates that sales in 2009 will reach 25 billion roubles.

The market valuation for the company depends on the global price for sugar, which has dropped 17 percent to
$592 per tonne this year.

Should the decline in sugar prices continue, Rusagro may postpone the IPO, the source close to the company
said.

Rusagro has picked Renaissance Capital, Alfa Bank and Credit Suisse as its IPO bookrunners.

Russian companies are planning dozens of initial and secondary share offerings in 2010 as the global economy
recovers and investors seek risk again.