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Mlinotest Raises EUR 7.2M in Fresh Capital

Ajdovščina, 24 January (STA) - The Ajdovščina-based bread and pasta maker Mlinotest has completed recapitalisation as 878,001 new shares in the emission value of EUR 7.2m have been paid up, mainly by the exiting shareholders.

The bulk of the new shares, 828,000, were paid up by Vipa Holding, and the rest by two other investors, one subscribing for 50,000 shares and the other for one, Mlinotest said in a press release on Tuesday.

Considering that 95.99% of the total of 914,635 new shares offered in the second stage of recapitalisation were paid up, the company's management finds the offering of fresh shares successful.

In the first round of subscription between 23 December and 6 January, the exiting owners paid in 71% or 653,466 of the new shares at EUR 8.2 apiece.

The remaining 261,169 shares were available at the same price to all prospective investors in the second round starting on 12 January.

The company will use the capital to buy a property in Ajdovščina with a view to developing new product lines, to expand its market share through the acquisition of part of production capacities from rivals, and to improve its financial structure.

Mlinotest has already offered 180,000 shares at EUR 8.30 apiece to prospective investors in the first stage of recapitalisation last autumn. Vipa Holding paid up EUR 754,000 worth of shares then.

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