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Germany's Vossloh says to sell shares to fund growth
March 26, 2014 / 5:00 PM / 3 years ago

Germany's Vossloh says to sell shares to fund growth

FRANKFURT, March 26 (Reuters) - German rail technology provider Vossloh said it would sell 1.3 million shares from its treasury stock to raise cash to pay debts and fund its future growth.

The group said the shares would be sold via private placements to investors both within and outside of Germany in an accelerated bookbuilding process.

In a separate statement on its website, it also confirmed preliminary 2013 results showing earnings before interest and tax near halving to 54.2 million euros ($74.7 million).

The group therefore intends to cut its dividend to 0.50 euros from 2.00 euros for 2012.

Shares in Vossloh closed on Wednesday at 70.64 euros, down 0.5 percent. ($1 = 0.7254 Euros) (Reporting by Victoria Bryan; Editing by Jonathan Gould)

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