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International Internet Magazine. Baltic States news & analytics Sunday, 18.08.2019, 10:04

Estonia: Magnetic MRO to raise up to EUR 8.95 mln additional capital

BC, Tallinn, 07.06.2019.Print version
Tallinn-based aircraft maintenance company Magnetic MRO informed the stock exchange on Thursday that it has reached an agreement with investors to raise additional capital in the amount of up to 8.95 mln euros, informed LETA/BNS.

The total share capital of Magnetic MRO AS will be increased from 1.09 mln euros to 1.28 mln euros by way of issuing up to 30,158 new shares with the nominal value of 6.4 euros apiece for the aggregate issue price of up to 8.95 mln euros, the company said.


"Magnetic MRO has in 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 fueling organic growth in our growing business units," said Risto Maeots, CEO of Magnetic MRO.


According to the agreements, Shenzhen Yongtai Trading Co., Limited, a limited liability company registered under the laws of the People's Republic of China, is authorized to subscribe for up to 26,957 new shares of Magnetic MRO it a shareholding of up to 13.44% in Magnetic MRO for the total issue price of up to eight mln euros and Sapphire Investment Holding Limited, a limited liability company registered under the laws of Hong Kong, is authorized to subscribe for up to 3,201 new shares of Magnetic MRO granting it a shareholding of up to 1.60 % in Magnetic MRO for the total issue price of up to 950,000 euros.


The investors may subscribe for the new shares within a one-year period in multiple tranches. The subscription of new shares by Shenzhen Yongtai Trading Co., Limited is subject to certain regulatory approvals of China.


After the subscription of the new shares in full, the size of the registered share capital of Magnetic MRO will be 1,283,200 euros and the total number of shares of Magnetic MRO will 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%.


Shenzhen Yongtai Trading Co., Limited is a company registered in China. Its business includes trade, export and import, aircraft and components sales and services, and investment. 


Sapphire Investment Holding Limited is an investment holding company registered in Hong Kong.

 






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