SIPH (SIFCA/Michelin) to raise funding of $95m after its withdrawal from Euronext
Upon completion of the delisting operation, Société Internationale de Plantation d’Hévéas (SIPH) will be owned 60% by SIFCA and 40% by Michelin, according to exclusive information obtained by Jeune Afrique Business+.
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▪ SIPH (SIFCA/Michelin) to raise funding of $95m after its withdrawal from Euronext
▪ Upon completion of the delisting operation, Société Internationale de Plantation d’Hévéas (SIPH) will be owned 60% by SIFCA and 40% by Michelin, according to exclusive information obtained by Jeune Afrique Business+.
▪ https://www.africabusinessplus.com/en/801568/siph-sifca-michelin-prepare-une-levee-de-fonds-de-quelque-85-millions-e-apres-le-retrait-deuronext/
For this withdrawal operation from the Paris Stock Exchange, which was formalised on 10 December, SIFCA SA, led by Pierre Billon and Alassane Doumbia, and Compagnie Générale des Établissements Michelin SCA, headed by Florent Menegaux, took advantage of France’s new PACTE (Action Plan for Business Growth and Transformation) law. Promulgated on 22 May, this legislation lowers the mandatory withdrawal threshold to 90% of the shareholding, compared with 95% previously. This will enable the two main owners of SIPH, who had acquired enough capital (93.57%), to initiate the withdrawal on which they had been working for six months.
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