December 6, 2012 / 8:46 AM / 5 years ago

Alpiq mulling capital hike to boost restructuring

ZURICH, Dec 6 (Reuters) - Swiss power company Alpiq said it might ask shareholders for funds to help step up the pace of its restructuring because full-year profit was set to fall.

“Additional measures are being evaluated, including a possible capital hike,” it said on Thursday.

Alpiq’s statement followed a report in Swiss daily Tages-Anzeiger that the company was set to raise around 1 billion Swiss francs ($1.1 billion) capital to avoid a fire sale of assets.

The power company said last month that it may have to “reinforce” its revamp due to a dramatic deterioration in market conditions and a drop in profit. Alpiq shares were suspended by the Swiss bourse SIX in early trading on Thursday.

Alpiq has been trimming assets, most recently by selling down its stake in Repower this week to the other two principal shareholders, the canton of Graubuenden and Axpo. ($1 = 0.9275 Swiss franc) (Reporting By Katharina Bart; Editing by Dan Lalor)

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