August 26, 2014 / 7:07 AM / 3 years ago

Belgium's Deceuninck to place new shares worth 50 mln euros

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BRUSSELS, Aug 26 (Reuters) - Belgian PVC window frames maker Deceuninck plans to raise 50 million euros ($66 million) in a private placement of new shares to fund the purchase of Pimas in Turkey and future acquisitions.

Deceuninck said on Tuesday it would issue 26.3 million shares at 1.90 euros apiece and that these were already allocated to investors Gramo and Sofina, which would respectively own 21.01 percent and 17.5 percent of the group after the transaction.

Deceuninck's shares closed at 1.88 euros on Friday and were suspended on Monday pending the announcement.

On Monday, the group said it would buy an 81 percent stake in Turkish company Pimas for $26.5 million.

"The balance will enable Deceuninck to undertake further strategic projects and investments in a consolidating industry," Deceuninck said in a statement.

$1 = 0.7569 Euros Reporting by Robert-Jan Bartunek; Editing by Mark Potter

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