Magnetic MRO looking to raise capital with issue of new shares

Darren Wood
By Darren Wood June 11, 2019 09:28

Magnetic MRO looking to raise capital with issue of new shares

Magnetic MRO (MMRO) has reached an agreement with investors to raise additional capital by up to €8.95 million ($10.1 million).

Chinese company Shenzhen Yongtai Trading and Hong Kong-based Sapphire Investment Holding will acquire shareholdings of up to 13.44% and 1.6% respectively.

The total share capital of Magnetic MRO will be increased from €1.09 million to €1.23 million by way of issuing up to 30,158 new shares with the nominal value of €6.4 euros each for the aggregate issue price of up to €8.95 million.

“Magnetic MRO has total 11 different business units. Some of them are more focused on profitability and others are more driven towards fast growth. A significant part of the above equity injection will be allocated into fuelling organic growth in our growing business units,“ commented Risto Mäeots, the CEO of Magnetic MRO.

After the subscription of the new shares in full, the registered share capital of MMRO shall be €1,283 million and the total number of shares of MMRO shall be 200,500. The shareholding of Hangxin Aviation Services Co., Limited, the existing sole shareholder, may decrease as a result of the issue of new shares from 100% to 84.96%.

Darren Wood
By Darren Wood June 11, 2019 09:28