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Serbia's Fintel Energija to use IPO-raised funds for more investments - CEO

Tiziano Giovanetti; Source: MK Fintel Wind

BELGRADE (Serbia), July 26 (SeeNews) - Fintel Energija, the Serbian subsidiary of Italy's Fintel Energia Group, plans to invest the funding raised through its initial public offering (IPO) on the Belgrade Stock Exchange to develop its wind power projects in Serbia, CEO Tiziano Giovannetti said.

"We expect the value of the raised capital to be 27 million euro ($31.6 million) and we will invest it in our projects in Serbia," Giovanetti said on Wednesday, as quoted in an e-mailed statement by Fintel Energija. 

The company launched on Wednesday an IPO on the Belgrade Stock Exchange through the issue of 6.5 million regular shares with a nominal value of 500 dinars ($5.0/4.2 euro) apiece. 

"We offer shares and the possibility to invest in our company. A single share will cost 500 dinars and our model is to include as many people as possible. We will not sell a stake, but will collect capital from potential investors, in order to further invest in Serbia," Giovanetti said.

The subscription period will run between August 1 and October 29 and after its expiry, the shares of Fintel Energija will be included in the Prime Listing segment of the Belgrade Stock Exchange.

Italy's Fintel Energia Group is implementing wind energy projects in Serbia through MK Fintel Wind, a joint venture with Serbian vertically integrated conglomerate MK Group.

MK Fintel Wind was set up in 2008 and already operates two wind farm in Serbia, with a combined installed capacity of 16.5 MW.

($ = 0.8535 euro)

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