MAI seeks over $100 million in rights issue
Makhteshim-Agan Industries’ (MAI) is to seek $100-150 million from a rights issue from its shareholders. The funds are required to “expand the company’s capital base” and to ensure it meets its financial covenants. A shareholder vote on the issue requires 75% approval. A vote will take place at an extraordinary general meeting on March 24th. Koor Industries is the main shareholder. It upped its stake to 46% last year ( Agrow No 579, p 5). MAI’s profits crashed in 2009, and it made a net loss in the final quarter (see this issue).