Meyer Burger Falls on Share Sale Plans After Loss: Zurich Mover
Meyer Burger Technology AG (MBTN), the Swiss supplier of machinery to solar panel-makers, fell the most in a week after saying it would sell 150 million francs ($159.5 million) of shares to existing holders to shore up finances weighed down by declining sales.
The stock fell as much as 7 percent, the biggest intraday decline since March 19, and traded 4.1 percent lower at 6.72 francs as of 10:18 a.m. in Zurich. That gives the company a market value of 323.5 million francs. More than 262,000 shares exchanged hands, 69 percent of the average three-month daily volume.
Meyer Burger, based in Thun, reported a net loss of 115.9 million francs and said sales may drop 38 percent to 400 million francs this year as its customers continue to battle solar-panel overcapacities. The company will complete the share sale in May, it said in a statement.
“Meyer Burger’s performance and outlook reflect the ongoing gloomy state of the solar market,” Michael Foeth, an analyst at Bank Vontobel AG in Zurich with a hold rating on the stock, said in a note to clients. “Uncertainty remains high and we continue to advise staying on the sidelines.”
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