Swiss-Steel-VRP: Capital increase secures financing until 2028
Published: Thursday, Apr 4th 2024, 18:30
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With the acceptance of the capital increase of around 300 million euros by shareholders on Thursday (today), Swiss Steel has also secured its financing until 2028. This was stated by Jens Alder, Chairman of the Board of Directors of Swiss Steel, in an interview with the news agency AWP on the sidelines of the Annual General Meeting in Emmenbrücke.
In cooperation with major shareholder Martin Haefner and lending banks, a financing package has been put together over the past six months, although this was still subject to the capital increase. "It will be in the bag by the end of the month," Alder said confidently.
The clear approval of the shareholders was also "a load off Alder's mind". However, the company is not yet out of the woods. Rather, it is now a matter of consistently implementing the restructuring strategy that was launched two years ago, he emphasized.
There is also some reason for optimism. The first signs of a recovery in business at Swiss Steel are emerging. "The operating business has stabilized at a low level," Alder continued. He described the market outlook as "cautiously positive" again.
Involvement of other shareholders still uncertain
According to Alder, no other major shareholder apart from Haefner has yet expressed its intention to subscribe to the capital increase. "We would very much welcome it if the other major shareholders were to join in," Alder continued.
However, it would not be a problem if they did not do so. This is because Haefner is known to have given assurances that it intends to exercise all unused rights.
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