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
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)