WARSAW Nov 19 Slovenia's Gorenje, one of the biggest household appliance makers in Eastern Europe, plans to raise 44 million euros ($59.51 million) by selling new shares through the Warsaw stock market, the company said on Tuesday.
Gorenje, a manufacturer of energy-efficient appliances under multiple brand names, said it planned to offer up to 10.44 million new shares, equivalent to about 36 percent of its current share capital, at 4.31 euros each.
"The proceeds will be used to further improve the group's financial stability and to fund the strategic projects upon which the group's further growth is based," Franjo Bobinac, Gorenje's chief executive, said in a statement.
He said the secondary listing on the Warsaw Stock Exchange would give Gorenje better access to the capital markets and improve the liquidity of its shares.
In July, Japanese consumer electronics firm Panasonic Corp said it would buy up to 13 percent of Gorenje as it seeks to tap growing demand in the region.
Gorenje's share sale underlines the growing appeal of the Warsaw Stock Exchange, central and eastern Europe's largest bourse, for companies across the region.
Gorenje, which has a market capitalisation of 121 million euros and is already listed in Slovenia, sells its products to 90 countries and exports 95 percent of its output.
It said it had chosen DM BZ WBK to act as sole global coordinator, joint bookrunner and offering agent in Poland, while Nova Ljubljanska banka would be the joint bookrunner and offering agent in Slovenia. ($1 = 0.7394 euros) (Reporting by Marcin Goettig; editing by Tom Pfeiffer)