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Gorenje Starts Selling EUR 45M in New Shares

Velenje, 20 November (STA) - Household appliances maker Gorenje will start selling on Wednesday 10,440,835 new shares at EUR 4.31 apiece in what is a second phase of recapitalisation of the company. In the first round, Japanese electronics group Panasonic purchased 2,320,186 shares at the same price, with which it acquired 13% in the company.

The second phase of recapitalisation will have two rounds. In the first round, the fresh shares will be offered to the existing shareholders, while the second round will target Gorenje employees and new investors, Gorenje said in a press release on Tuesday.

Gorenje shares will be available in Slovenia and Poland, where the company will invite institutional and small investors to join the recapitalisation. All shares are expected to be listed on the Ljubljana and Warsaw stock exchanges by the end of 2013.

The company plans to use around two-thirds of the funds raised to service its debt, and the rest on strategic projects in the 2014-2018 period.

In line with the decision taken by Gorenje shareholders in August, a further increase of up to EUR 9.68m is planned through the transfer of creditors' claims into ownership stakes within the next 12 months.

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