BELGIAN-based freight operator Lineas has been bolstered by the Belgian state increasing its share in the company to 45%. According to Belgian media, sovereign wealth fund SFPIM has upped its stake in the company from a previous holding of 35%.
French investment fund Argos Wityu continues to hold a 55% majority shareholding in the company.
Lineas, which has suffered losses in recent years and underwent a senior management reshuffle in 2022, has now successfully raised a total of €60m in fresh capital from its dual shareholders. They will invest an additional €30m, as well as converting €30m of bonds into capital.
Last year Lineas said it was looking to raise €100m, but has obtained just €20m of that amount, again from its dual shareholders.
Lineas CEO, Mr Bernard Gustin, is quoted in Belgian media saying that the freight operator is now looking for a Belgian partner to invest €50m into the company: “It is difficult to find someone who will actually take the step and come up with €50m,” he says. “The more time passes, the more results I can show. But … the more time passes, the more cash problems Lineas has.”
Last year the operator made a loss of €39.5m on a turnover of €479m. This was an improvement on the previous year’s loss of €100m.
Gustin reportedly believes the company can achieve profitability from 2025 onwards.
