BRUSSELS, Nov 27 (Reuters) - Shareholders in Fluxys backed a capital increase of more than 140 million euros ($182 million) to fund further development and maintain a healthy debt-to-equity ratio, the natural gas infrastructure company said on Tuesday.
It said the state Belgian Federal Holding and Investment Co. (SFPI/FPIM) would take a stake of about 2 percent in the group, investing about 50 million euros.
“The capital increase confirms the support from the Belgian authorities for Fluxys’ cross-border development to bridge the markets and strengthen security of supply and liquidity in Europe,” Fluxys’s managing director said in a statement.
The company, which controls listed Belgian pipeline operator Fluxys Belgium, said that existing shareholders Publigas and Caisse de depot et placement du Quebec would also invest about 90 million euros.
That would give Publigas, a Belgian municipal holding, a stake of roughly 78 percent, Caisse de depot et placement du Quebec 20 percent.
The company, with gas transmission business in northwestern Europe, said that depending on its needs, SFPI/FPIM would be able to raise its stake to nearly 5 percent in the future.