There is no peace for Saipem. While yesterday it seemed to have caught its breath in the wake of the closing of the 2 billion capital increase operation, the cornerstone of the Group's recovery plan after the 2,4 billion red loss in 2021, this morning it fell again by more than 28% , falling below the level of 1 euro.
Triggering the new decline was the news that le guarantee syndicate banks, who stepped in to subscribe to almost the 30% of the capital increase remained unsold, they will place the package equal to the market on the market 20% of the capital of the energy company. If the partial placement initiated by the banks is successful, lenders will keep slightly less overall of 10% of Saipem.
In detail, the banks of the underwriting syndicate will place on the market 68% of the securities not subscribed by investors as part of the capital increase, a package equal to 19,8% of Saipem's capital after the operation. In a note Unicredit announces that the institutes Bnp Paribas, Citigroup, Deutsche Bank, Hsbc, UniCredit, Abn Amro, Barclays and Stifel "have signed an agreement aimed at the orderly placement on the market of 396.425.617 shares equal to approximately 67,8 % of the total number of shares not subscribed by investors”. With the subscriptions of the Saipem capital increase stopped at 70,4%, the underwriting syndicate, as communicated this morning, covered the portion that remained unsold, coming to hold 29,6% of the securities issued for the increase (29,2 .XNUMX% of the share capital after the increase).
Saipem stock on a roller coaster, falls below the value of 1 euro
Shares of the energy and infrastructure services and solutions company have been on the stock market for the past few days. Yesterday, against a Ftse Mib which closed down by 3,44%, Saipem had risen by 5,7%, to 1,17 euros. The day before, Wednesday, the stock had lost 43% and Tuesday, 48,5%. Today in the middle of the session it is at 0,84 euros, down by 28,44%.
According to some analysts, the stock is like this under pressure which could fall prey to sellers ready to take advantage of potential weaknesses.
Lo technical scenario of Saipem shows a widening of the descending trendline at the test of support 0,8137 Euro with area of resistance identified at 0,9269. The bearish figure suggests the probability of testing new identifiable bottoms in the area 0,7733.
Eyes to the quarterly next 27 July
Attention now turns to next July 27, in which the company will announce the data for the first quarter.
The capital increase operation was started on June 27th priced at 1,013 euros, after the deep red of 2021.
Yesterday the offer period of the unexercised rights closed and the investors, acquired for a share equal to 9,9% of the capital: the group led by Francesco Caio communicated that just over 12 million shares out of almost 195 million optioned shares had been subscribed, for a value of approximately 12 million euro. In total, therefore, new shares equal to 70,4% of the share capital were subscribed.
To the banks of the consortium (Bnp Paribas, Citigroup, Deutsche Bank, HSBC, Intesa Sanpaolo and UniCredit, global coordinator and Abn Amro, Banca Akros - Gruppo Banco Bpm, Banco Santander, Barclays, Bper, Goldman Sachs International, Société Générale and Stifel, joint bookrunner) therefore it will be necessary to subscribe over 584 million new shares, for a total value of 592,2 million, approximately half of the approximately 1,119 billion that the Institutes had undertaken to pay.
Saipem signs an agreement in Saudi Arabia with Saudi Aramco for onshore EPC projects
Also today Saipem and the Saudi construction company Nasser S. Al Hajri Corporation (Nsh) signed with Saudi Aramco an agreement for the execution of projects in Saudi Arabia Onshore epc. The initiative follows the Memorandum of Understanding signed and announced in September 2021, as part of Aramco's Namaat Industrial Investment Programs, to establish so-called National Champions and create a robust industrial ecosystem. The project will be executed by a newly established joint venture (Epc National Champion) incorporated in Saudi Arabia, with the skills and capabilities to execute the full range of onshore EPC project activities in Saudi Arabia, said a statement from the Italian company.
“The establishment of the Epc National Champion, through the combination of Saipem's engineering and project management skills with Nsh's construction capabilities, represents an opportunity to enhance Saipem's presence in the growing Saudi Arabian market, with new operating model that is even more efficient and effective”, reads a note.
