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Gorenje Shareholders Okay EUR 63M Capital Hike, Dual Listing

Ljubljana, 23 August (STA) - The shareholders of household appliances maker Gorenje on Friday confirmed three rounds of recapitalisation worth a total of EUR 63m, including a capital hike which will make Japanese electronics group Panasonic a 13% owner of Gorenje. A dual listing on the Warsaw Stock Exchange was also confirmed at the meeting.

Gorenje's share capital of EUR 66.38m is to be initially increased by EUR 9.68m through the issue of 2,320,186 new ordinary shares at EUR 4.31 apiece. All these fresh shares will be purchased by Panasonic, making it the owner of a 13% stake in Gorenje.

The shareholders' meeting at the Velenje-based company was called after Gorenje signed a long-term strategic partnership agreement with Panasonic at the beginning of July.

Also endorsed at today's shareholders' meeting was the proposal from the management and the supervisory boards that the company's share capital increase by a further amount of up to EUR 43.57m immediately after Panasonic is registered a new shareholder.

Up to 10,440,835 new shares, at EUR 4.31 apiece, would then be offered in exchange for cash contributions in two rounds.

After a successful completion of both capital increases, which would expand share capital to a maximum of EUR 119.63m, a further increase of up to EUR 9.68m is planned through the transfer of creditors' claims into ownership stakes within one year's time.

Gorenje shareholders further confirmed the proposal for the company to be listed on the Warsaw Stock Exchange, making it the third Slovenian company listed there after the NKBM bank and drug maker Krka.

Deloitte Revizija was appointed the official auditor of the company for 2013.

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