Kering's reduction of stake to help free float of stocks: Puma
By PTI | Published: 15th January 2018 07:47 PM |
* Herzogenaurach/New Delhi, Jan 15 (PTI) Sportswear brand Puma SE to welcome the proposal of its majority shareholder Kering SA to reduce its stake in the company, saying it would lead to a greater free float of Puma stocks and provide investors an enhanced possibility to invest in the company.
Kering, which owns approximately 86 per cent of Puma's total share capital has said it will propose at its AGM to distribute approximately 70 per cent of the total share capital of PUMA to Kering's shareholders, thus reducing its shareholding in to approximately 16 per cent.
"We are very pleased that Kering has proposed this way to reduce its stake in Puma. It would allow us to continue with our current business strategy that has started to show good results," Puma CEO Bjorn Gulden said.
The transaction would increase Puma's free float from currently 14 per cent to approximately 55 per cent," Gulden said.
As part of the sale, Kering's largest shareholder Artemis SA would receive approximately 29 per cent of Puma's share capital and would become a direct and long-term shareholder, the company said.
***** Tourism and Hospitality Skill Council to organise job fair * The Tourism and Hospitality Skill Council (THSC) today said they are organising a job fair on January 19 for career opportunities in the sector.
Over 50 recruiters from Delhi NCR would be participating in the day long fair.
"They will be offering full time, part time, entrepreneurial opportunity and apprenticeships," it said in a statement.
It will be held inside the campus of Guru Tegh Bahadur Institute of Technology here. PTI PRJ RR ADI BAL .
This is unedited, unformatted feed from the Press Trust of India wire.