November 11, 2019 / 6:57 AM / a month ago

Schmolz & Bickenbach seeks permission to raise more cash

ZURICH, Nov 11 (Reuters) - Schmolz & Bickenbach will ask its shareholders for permission to raise up to 614.25 million Swiss francs ($616.16 million) in new capital at its upcoming extraordinary general meeting, the embattled Swiss steelmaker said on Monday.

The company, which has been wrestling with falling demand for steel, had originally wanted permission to raise 189 million to 350 million francs at the Dec. 2 meeting.

Schmolz & Bickenbach now wants to raise a minimum of 325 million francs, with an upper limit of 614.25 million francs, it said. The upper limit is only a “technical necessity” to ensure it raises the minimum amount after its second-biggest shareholder attached conditions to its offer to support the fundraising with at least 325 million francs. ($1 = 0.9969 Swiss francs) (Reporting by John Revill)

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