MILAN - Italy's Saipem sees its available financial resources to be exhausted by the first quarter of 2023, in case its 2 billion euro ($2.10 billion) planned capital hike should not go through.
In a statement on Thursday, the energy services group said that there were "significant uncertainties" regarding the successful outcome of the hyper-dilutive capital increase, which will only be completed if fully subscribed and is due to run from June 27 to July 11.
Saipem added that there was the risk that the group would not be able to clinch the targets set in its 2022-2025 business plan or to achieve them under the expected timelines.
($1 = 0.9507 euros)
(Reporting by Federico Maccioni, editing Gianluca Semeraro)