Salini Impregilo evaluating capital increase; majority shareholder evaluating sale of portion of shares
Salini Impregilo S.p.A. (“Salini Impregilo” or the “Company”) is evaluating an equity offering to institutional investors of newly issued shares, equivalent to a maximum of 10% of the Company’s existing share capital. The Company’s majority shareholder, Salini Costruttori S.p.A. (“Salini Costruttori”), is evaluating the sale of a portion of the shares it holds in Salini Impregilo as part of the same offering.
The objective of the offer, should it be undertaken, would be to increase Salini Impregilo’s float on the Italian Stock Exchange and improve the liquidity of its shares. The share offering would also be aimed at raising the visibility of the Company within the financial marketplace and the Heavy Civil Engineering and Construction industry. Consistent with prior announcements, the proceeds from the capital increase being contemplated are expected to provide additional strength to Salini Impregilo’s capital structure and increase the Group’s flexibility to pursue its previously announced Business Plan 2014-2017.
According to the structure of the offering currently being evaluated, following the transaction, Salini Costruttori would continue to be the majority shareholder of Salini Impregilo.
Full details of the offer structure will be announced to the market closer to the time of launch, should the offer proceed.
Source Company Press Release