Ferretti Group Approves €80 Million Share Capital Increase
Published: Monday, 15 September 2014
Ferretti S.p.A. (Ferretti) announces that the shareholders' meeting of Ferretti International Holding S.p.A. (FIH), sole shareholder of Ferretti, resolved an €80 million share capital increase in cash to support the Group's new industrial plan.
FIH is the holding company of Ferretti, in which the reference shareholder Weichai Group Holding Hong Kong Investment Co. Ltd., The Royal Bank of Scotland PLC, SVP Special Situations LLC, through several investment funds and vehicles related to it, and other minority shareholders, hold interests.
The FIH share capital increase approved by the shareholders considerably boosts the investment that the Ferretti shareholders, and in particular the majority shareholder Weichai Group Holding Hong Kong Investment Co. Ltd., made in Italy. The result is that the Ferretti Group's capital and finances are significantly strengthened as a result of financial instruments allowing the new relaunch and growth industrial plan to be implemented.
"The capital increase of Ferretti International Holding is an essential step forward in pursuing the objectives of the new industrial plan, and it is one more demonstration of the Ferretti Group's ability to attract capital in Italy from selective global investors like Weichai Group Holding Hong Kong Investment Co. Ltd., which decided to further invest in one of our country's excellence," says Alberto Galassi, Chief Executive Officer of Ferretti S.p.A. "I thank the shareholders for their confidence and in particular the Weichai Group, which confirmed its unwavering will to support the Ferretti Group in the path of relaunch and growth outlined in our new Industrial Plan by providing the company with the financial means that will allow us to reinforce our leadership worldwide."