Imtech issues new shares, sells IT unit to reduce its debts

Technical services company Imtech has sold its information technology arm to French firm Vinci for €225m in an effort to reduce its mounting debt of over €1bn.

Imtech is also raising €600m through a new share issue which is supported by four banks. The news was welcomed by investors and Imtech shares rose 15% in early trading.

‘The company has made a significant advance,’ chief executive Gerard van de Aast said on Tuesday at the presentation of the group’s second quarter figures.

Imtech’s turnover was down €200m in Q2 at €1.1bn. The company booked a loss on the quarter of €224m.

Imtech, based in Gouda, has a European workforce of some 23,000. The company has been hit by two scandals, one in Poland and one in Germany. Both of them involved financial fraud and helped drive the company to a €700m loss over 2013 as a whole.

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