 CEO Anders Moberg is hoping for happier times |
Scandal-hit Dutch supermarket group Ahold has returned to profit but said it will sell new shares worth 2.5bn euros (�1.7bn, $2.9bn) to try to reduce its debts. The company hit the headlines after it admitted inflating profits over a period of three years, becoming the biggest European company to admit Enron-style accounting irregularities.
Even so, Ahold did report a 60m euro (�41m, $68.5m) profit in the first six months of the year.
The shares jumped 4.4%, to 8.30 euros following the news.
Ahold is struggling after a decade of expansion into areas such as the US and Latin America.
The company said it will sell its Spanish business and plans to raise at least 2.5bn euros selling other operations worldwide. It is in the process of selling its South American business.
First-half sales, meanwhile, slid 12% to 30.3bn euros, dented by currency losses.
The rights issue will have a maximum of 625 million new shares and is part of a two-year restructuring, the company said.
The plan aims to save the company more than 600m euros a year.
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