Packaging firm SIG has successfully raised nearly €204 million by placing 11 million new shares at a price of CHF 19.40 per new share.
The capital increase generated gross proceeds of CHF 213.4 million, which will be used to fund, in part, the acquisitions of Scholle IPN and Evergreen Asia, which were announced earlier this year.
'Strengthen Its Position'
Commenting, Samuel Sigrist, CEO of SIG said, “I would like to say thank you to the existing and new SIG shareholders who made today’s capital increase a success.
“The acquisition of Scholle IPN will allow SIG to strengthen its position as a global player in innovative and sustainable packaging for liquid food and beverages. The acquisition of Evergreen Asia will provide focused access to the attractive and fast-growing market for fresh dairy products in Asia, especially China.
“Today’s transaction strengthens the well-balanced capital structure of SIG as it continues its established track record of reducing leverage with its strong and resilient cashflows”.
The panned acquisition of Scholle IPN was announced on 1 February 2022, while the acquisition of Evergreen Asia was announced on 5 January 2022. The remaining funds for the transaction of both will be financed via a mix of debt and cash, the company added.
It is expected that new shares will be listed and admitted to trading on SIX Swiss Exchange on 19 May.
SIG will have a lock-up period of 90 days from the settlement date.
© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Nikita Naz Siddique. Click subscribe to sign up to ESM: European Supermarket Magazine.
