 CEO Anders Moberg is aiming to restore investor confidence |
Shareholders of scandal-hit Dutch supermarket Ahold have approved the firm's plan to raise more cash. Ahold will now sell as much as 3bn euros ($3.55bn) of new shares to existing holders of company stock.
New chief executive Anders Moberg has pledged to restore confidence after the company admitted Enron-style accounting irregularities earlier this year.
The company owes more than 10bn euros after a decade of expansion in the US and Latin America.
Existing shareholders
Ahold plans to sell as many as 621 million shares at 4.83 euros each.
More than 90% of investors voted to accept the proposal.
As well as issuing new shares, Ahold is selling assets and businesses in Europe and South America.
The company said on Wednesday that third-quarter operating profit fell 66% from a year earlier, missing analysts' forecasts.
The company's bottom line was hit by a drop in the value of the dollar. The US is Ahold's biggest market.
The shares dropped 2% to 8.09 euros in midday trading. rebounding from a drop of as much as 5%.
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