BRUSSELS, June 6, 2019-

The shareholders of the Spanish specialty cellulose and viscose producer Sniace have approved another capital increase. The company will raise around Euro 32.6 million ($36.3 million) by issuing 352,895,838 new shares with a nominal value of Euro 0.1.

This is the fourth capital increase since the re-start of Sniace’s activities in 2016. According to Sniace president Gema Díaz Real, the fresh capital will be used for new investments (Euro 12 million) and debt repayment (Euro 8.4 million). The remaining Euro 12 million will be used to balance the company’s working capital.

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