Hiag: Capital increase to raise 155 million

A maximum of 1.68 million new shares of Hiag Immobilien Holding AG are to be issued as part of a rights issue. The price range for the new shares has been set at CHF 94.00 to CHF 96.00, the company says. Based on a subscription or placement price in the middle of the price range, Hiag expects net proceeds from the issue of approximately 155.9 million. The real estate company assumes that all new shares offered will be placed with either existing or new shareholders. The anchor shareholders intend to participate in the capital increase with 18% of their subscription rights, Hiag further announces. This should lead to an increase in the free float from currently just under 37% to 45%.

The subscription period as well as the bookbuilding period for new shares not subscribed by existing shareholders will start on November 4, 2021. The subscription period ends on November 12, the bookbuilding period on November 15. The final subscription or placement price and the final number of new shares are expected to be published on November 16. Two days later, the new shares are expected to be tradable on the stock exchange.

Hiag intends to use the proceeds from the capital increase to finance projects, reduce debt and realize acquisition opportunities. (ah)