Sunday, March 3, 2024
27 C
Brunei Town

EDF to increase share capital to finance operations

PARIS (XINHUA) – French multinational electric utility company EDF announced on Friday an increase of the share capital of over EUR3.1 billion to finance their operations between 2022 and 2024.

EDF announced in a press release that current Rights holders will be entitled to buy new shares in the group.

“The capital increase we are launching today will allow the group to strengthen its balance sheet structure in the context of the events of early 2022, and the strategy to tackle climate change,” said CEO of the group Jean-Bernard Levy.

The French State owns 83.88 per cent of the share capital and 89.2 per cent of the voting rights, EDF stated, adding the State will commit to EUR2.7 billion for the company and the subscription of over 400 million new shares.

For 2022, due to their production of nuclear power while respecting the government measures to limit the increase of electricity bills, EDF anticipates a decrease of profits.

EDF logo is reflected on a window in Paris. PHOTO: AFP