The main shareholders of Portuguese beverage firm Sumol + Compal have announced plans to delist the company from the Lisbon Stock Exchange.
According to a company statement sent to the Portuguese market regulator CMVM, Refrigor and Frildo requested a shareholders' meeting, with the purpose of deciding on the delisting.
The groups claim that the move is justified by the 'apparent withdrawal of minority shareholders from the corporate and institutional life' of the company, which they add visible in said shareholders' absence from general meetings and 'sporadic' contact with the investor support office.
If this proposal is approved, Refrigor and Frildo have committed to buying shares held by minority shareholders who have voted in favour of the measure.
It is likely that the decision will be approved, since the two shareholders control 85.8% of the capital of Sumol + Compal, and more than 90% of the voting rights.
The shares of Sumol + Compal have been listed on the Portuguese stock exchange since 1987, when the company was known as Sumolis.
The Portuguese juice and soft drink producer recorded an 8.8% growth in sales during the first half of 2017, to €168.5 million.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine