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19 Nov 2020 | 18:01

Smurfit Kappa to tap markets for 650m euros to capitalise on growth opportunities

(Sharecast News) - Smurfit Kappa has decided to raise funds in order to accelerate its investments and capitalise on the trends towards e-commerce and sustainable packaging for products, having identified between €1.2-1.4bn of investment opportunities to boost the group's competitive advantage. After the close of markets in London, the paper packaging solutions provider said that it would raise €650m via a non-pre-emptive placing of new shares.

The accelerated bookbuilding for the transaction was to be launched immediately following the announcement with Credit Suisse, Davy and BNP Paribas acting as bookrunners.

Group chief, Tony Smurfit, said: "The continued development of e‑commerce and the increasing demand for sustainable, paper-based packaging are presenting opportunities for Smurfit Kappa. Accelerated investment, at this time, will allow us to increase our competitive advantage, align us with the sustainability goals of our customers and enhance our operational efficiency."

The company also highlighted what it said was its track record of successfully delivering superior returns for all stakeholders.

Shares of Smurfit Kappa finished the session down by 2% at 3,222.0p, but remained just off their record highs.

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