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Befesa Plans To Pursue IPO

Befesa S.A. said that it plans to pursue an initial public offering of its ordinary shares and listing on the regulated market (Prime Standard) of the Frankfurt Stock Exchange in the fourth quarter of 2017, subject to market conditions.

The Company plans to pay out 40% to 50% of net profits as dividends in the future.

Befesa is a leading player for steel dust and aluminium salt slags recycling services in its European core market, with an estimated market share of about 45%-50%. The Company operates plants in Germany, Spain, Sweden, France and the UK, as well as in Turkey and South Korea.

The Offering of secondary shares currently owned by Triton will consist of a public offering in Germany as well as private placements in certain other jurisdictions, and will allow for sufficient free float after listing.

Triton plans to provide additional secondary shares for a potential overallotment in the amount of up to 15% of the original offering.

In the 12 months ended 30 June 2017, Befesa generated revenues of 685 million euros and an adjusted EBIT of 133 million euros. This represented a significant increase compared to the financial year 2016.

As of today, Triton indirectly holds a stake of over 90% in Befesa and intends to remain significantly invested post-IPO in order to participate in the Company's long-term development. Befesa plans a lock-up period of 6 months for Triton and the Company as well as 12 months for the Company's top management.

by RTT Staff Writer

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