Metro Performance Glass has announced that it will retain its investment in Australian Glass Group (AGG) and pursue a capital raise to reduce its debt level.
The decision comes after the board evaluated a revised offer from a preferred party and determined that it was not in the company's or shareholders' best interests to proceed.
Metro Performance Glass highlighted the benefits of retaining AGG, including its strong performance, generation of cash flows, and diversification benefits.
The company also believes that AGG is well positioned to capitalise on investments in new equipment and the adoption of new building regulations.
Metro Performance Glass will now focus on advancing the details of the capital raise, with the aim of raising at least $15 million.
The raise is expected to be finalised in late May, subject to market conditions.
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