Trevi slumps after approving measures to boost capital

Trevi Finanziaria Industriale SpA

18/11/2022 09:06

** Shares in Italy's Trevi Finanziaria Industriale  TFI.MI  fall
as much as 11% after the engineering group approves two measures
to boost its capital  
** Under its 2022 capital strengthening plan, the group's board
approved a right issue for up to 25 million euros ($25.87
million) 
** It also approved a 26.1 million-euro capital increase
reserved to some of its banks and to be executed via conversion
of loans for about 33 million euros
** Trevi expects the measures to "strongly improve" its
financial ratios starting from 2023 and to reach "a sustainable
and reorganized position" by the end of the 2026 industrial
plan, it said in a statement late on Thursday
** By 0859 GMT shares in the company were automatically halted
from trading after falling as much as 10.34%
($1 = 0.9664 euros)
 (Reporting by Alessandro Parodi)
 ((alessandro.parodi@thomsonreuters.com))