Fluxys to Increase Capital, Belgium

Fluxys’ General Meeting of Shareholders has decided on a capital increase of over €140 million.

The capital increase will support the continuation of Fluxys’ development in Europe and allows the company to maintain a solid equity/debt ratio. In the process, the Belgian Federal Holding and Investment Company is to acquire a stake of approximately 2%.

Walter Peeraer, Managing Director of Fluxys, commented: “We warmly welcome the arrival of the Belgian Federal Holding and Investment Company as additional shareholder with a long-term investment outlook. The capital increase confirms the support from the Belgian authorities for Fluxys’ cross-border development to bridge the markets and strengthen security of supply and liquidity in Europe.”

Joint capital increase

Fluxys shareholders Publigas and Caisse de dépôt et placement du Québec will invest about €90 million, while the Belgian Federal Holding and Investment Company (SFPI/FPIM) is to bring in about €50 million. Upon closing of the transactions, Publigas will hold a stake of approximately 78%, Caisse de dépôt et placement du Québec will hold 20% and SFPI/FPIM will join the shareholding with a stake of approximately 2%.

Closing before the end of the year

Fluxys expects to close the capital increase before the end of 2012. In terms of corporate governance, the SFPI/FPIM will have proportional representation in the administrative bodies of the company. Depending on Fluxys’ needs, the Federal Holding and Investment Company will be able to raise its stake up to nearly 5% in the future.

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LNG World News Staff, November 27, 2012