Shareholders in BA owner IAG back rights issue


2/2
© Reuters. FILE PHOTO: FILE PHOTO: British Airways logos are seen on tail fins at Heathrow Airport in west London

2/2

LONDON (Reuters) – British Airways owner IAG (L:) announced the results of its 2.74-billion-euro capital increase, saying on Thursday that it sold 100% of the new shares in its plan to help strengthen its pandemic-hit finances.

The funds will be used to reduce debt and help IAG withstand a prolonged downturn in travel, chalking up a first success for new CEO Luis Gallego who took over from Willie Walsh in September.

“We’re delighted our shareholders have supported the capital raise. It strengthens IAG’s financial and strategic position,” Gallego said in a statement provided by the company.

IAG said on Thursday that it sold 93% of the new shares during the pre-emptive subscription period, with demand for the remaining shares available oversubscribed many times over.

The airline group, which also owns Iberia, had already said that its largest shareholder, Qatar Airways Group, which has a 25.1% holding, had undertaken to subscribe for its pro-rata entitlement in the fully underwritten capital increase.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Volkswagen brand to post record profit on SUVs, cost cuts - executive

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here