Unit of SMCP’s Majority Shareholder Fails to Redeem Bonds

Sandro Retailer in Hong Kong. SMCP.

French vogue firm SMCP, whose manufacturers embody Sandro and Maje, stated on Thursday that European TopSoho — a unit of its majority shareholder — had didn’t redeem €250 million ($293 million) of bonds exchangeable into SMCP shares.

“European TopSoho has till Sept. 30 (inclusive) to treatment this default”, stated SMCP in an announcement.

“To SMCP’s data, the shares underlying the bonds and pledged on this context symbolize 37 % of the share capital of SMCP,” it added.

SMCP stated the scenario didn’t name into query its personal funding and operations, and SMCP shares have been up 5.6 percnet by 0855 GMT.

Shandong Ruyi holds 53 % of the share capital of SMCP, and European TopSoho is one in all its models. Neither firm instantly responded to emailed requests for remark.

Be taught extra:

SMCP Profit Declines Less Than Expected Thanks to Online Shopping | Unit of SMCP’s Majority Shareholder Fails to Redeem Bonds


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