SSI raised the total funds of 10,972.34 MB, of which 9,404.09 MB from the share capital increase during 16 November 2012 to 10 October 2013 and 1,568.25 MB from the sales of investments in TCRSS. The fund raised was used to additionally invest in its Iron and Steel Making Business (SSI UK) and to buy back convertible bonds.
As part of the the “Comprehensive Financial Plan”, which was approved by the shareholders at the Extraordinary General Meeting of Shareholders No.2/2012 of Sahaviriya Steel Industries Public Company Limited (SSI) held on 11 October 2012, the Capital Increase Plan allowed the issuance of new share capital up to 19,433,670,324 new shares, at 0.68 baht per share, and allocating such shares via Rights Offerings and Private Placement. The Company has been updating the progress of the Capital Increase Plan in its First to the Ninth Notification respectively.
Mr. Win Viriyaprapaikit, Group CEO and President of SSI, revealed the final result of the capital increase that SSI has completed the offering of 13,829.55 million newly issued ordinary shares to 1) Sahaviriya Group 8,199.64 million shares and 2) business partners and existing shareholders 2,736.77 million shares, totaling the subscription proceeds of Baht 9,404.09 million.
There are remaining 5,604.11 million unsubscribed shares, which SSI will later decrease its authorised capital by cancelling the number of unsubscribed shares.
Moreover, SSI received Baht 1,568.25 million from the sale of TCR’s shares in February 2012, and used such proceeds to additionally invest in SSI UK accordingly.
“As for the Iron and Steel Making Business, which is operated by Sahaviriya Steel Industries UK Limited (SSI UK), after the aforementioned additional investments, the paid up capital has increased from USD 473 million to USD 895.61 million. This will help SSI UK to reduce its financial cost and provide required working capital as it continues to ramp up output according to plan.”