Fyffes successfully raises €45m through new share placing

Fruit distributor Fyffes has successfully raised €45 million through the sale of some 31 million shares.

The company said the proceeds would be used to maintain balance sheet strength and liquidity, and provide funds for further acquisitions following the recent acquisition two Canadian mushroom distributors.

It said the new shares represented about 10 per cent of total stock prior to the issuance.

The company said the shares were sold at 1.50 each, raising gross proceeds of

approximately €47 million.

When calibrated for expenses, the net sum was closer to €45 million.