(CercleFinance.com) – Argan announces today that it has successfully placed 2,027,028 new shares with French and foreign institutional investors.
The new shares will be issued as part of a capital increase with elimination of shareholders’ preferential subscription rights through accelerated construction of an order book at a price of 74.0 euros per share, i.e. a gross amount of 150,000,072 euros.
The proceeds of the operation will enable an acceleration of growth with an investment plan of 380 million euros targeted over the period 2024-2026.
The group also wishes to carry out a targeted disposal plan reduced to around 180 million euros over the period 2024-2026 (instead of 380 million euros previously) and accelerate debt reduction with an LTV expected at 44% at the end of 2024. compared to 48% previously and 49.7% as of December 31, 2023.
Argan thus confirms its debt reduction objective for the end of 2026, forecasting an LTV of around 38% and a net debt/EBITDA ratio of less than 8x in 2026 and expects strong growth in expected recurring net income in the years to come. .