Business News

Gorenje Completes Recapitalisation With Debt-to-Equity Swap

Velenje, 17 July (STA) - Home appliance group Gorenje has completed a capital increase with debt-to-equity swaps with the International Financial Corporation (IFC) and Slovenia's Gorenjska banka, as part of which it raised EUR 10m in fresh capital.

Gorenje and IFC completed a EUR 4.33m swap this week, days after bank Gorenjska banka obtained EUR 5.67m in new shares in a debt-to-equity conversion with the home appliance group.

The debt-to-equity swaps were carried out as part of the third round of capital raising approved by Gorenje shareholders in August 2013.

The first two rounds raised around EUR 27m in cash injections.

The capital raising was approved by shareholders on 23 August 2013, as part of which the company hoped to raise as much as EUR 43.6m with new shares being issued at EUR 4.31 per share.

Gorenje's biggest shareholder is the state-owned KAD fund, which owns around 18.1%, followed by Japanese electronics group Panasonic, with a 10.5% share.

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