San Miguel and a successful equity follow on to continue growing
To continue investing in new projects that support its growth plan, San Miguel issued new shares in Argentina with excellent results.
Through a public offering of shares, San Miguel could raise over 45 million dollars from the local market by awarding 100% of the shares available. The issuance of shares was oversubscribed by more than 200 percent and accounted for 9.46% of the share capital of the Company.
After the issuance, Romain Corneille (CEO) said: “We've got a great response, which validates our business model and encourages us to affirm the direction of expansion and growth, identifying new business opportunities and strengthening the relationship with our customers.”
As regards the use of the funds raised, the company announced three specific objectives: increasing the volumes of fruit production; developing industrial projects; and acquiring companies or operations that fall under San Miguel's strategic vision: “To be the leading company of fresh citrus fruit in the Southern Hemisphere and of processed fruit and vegetable products with added value.”
In the following link: http://www.sanmiguelglobal.com/inversores/ you may find financial information of the company and more details about the offering.