Italcementi unit approves cap hike for EUR51m

Italcementi unit approves cap hike for EUR51m
Published: 19 May 2011

Italian Calcestruzzi, a unit of Italcementi, has given the green light to a recapitalisation of EUR50.8m (US$72.5m), thus raising its capital to EUR110m, Italcementi said on Tuesday.

The shareholders’ meeting of Calcestruzzi also cleared the entire subscription of the capital hike.

The recapitalisation will help the company improve its debt and will have a positive effect on its figures, a statement read. It is also a concrete contribution of Italcementi, which is working on the rationalisation and relaunch of Calcestruzzi in order to strengthen the activities of the whole group.
The consolidated financial position will not be affected by the recapitalisation.