Sebastian Kahnert/dpa-Zentralbild/dpa
The solar company Meyer Burger has suspended trading of its shares on the Swiss stock exchange. Having been in financial difficulties for some time, the company has now also lost its most important customer.
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- Trading in Meyer Burger shares has been halted.
- The suspension of trading comes shortly after the publication of the company’s half-year figures.
- Another possible explanation is that Meyer Burger’s most important customer, the company DESRI, has terminated its contract with the Swiss solar group with immediate effect.
Trading in the shares of the solar group Meyer Burger has been halted on the Swiss stock exchange SIX at the request of the company. This decision was announced on Friday, but without further details on the background. Neither the stock exchange nor Meyer Burger have yet provided an explanation for this step, as reported by the news agency AWP.
The suspension of trading comes shortly after the publication of the company’s half-year figures, which show a significant loss. In the first half of 2024, Meyer Burger recorded an operating loss (EBITDA) of 123.5 million Swiss francs, compared to a loss of 43.3 million Swiss francs in the same period last year. The net loss amounted to CHF 317.3 million, compared to CHF 64.8 million in the previous year.
Financial challenges
The presentation of the half-year figures took place after several postponements and shows the financial challenges Meyer Burger is facing. The reasons for the suspension of trading could be related to these figures, but an official confirmation is still pending. AWP has made an inquiry to the company but has not yet received a response.
The situation raises questions about the future development of Meyer Burger. Investors and analysts are currently waiting for further information in order to better assess the situation.
Meyer Burger has lost its most important customer
The SDA also reports that Meyer Burger recently lost its most important customer. This is the company’s largest customer DESRI (D. E. Shaw Renewable Investments), which has terminated the contract with immediate effect.
Meyer Burger reacts to the new situation with the statement: “The company currently assumes that, irrespective of the validity of such a termination, the financial restructuring efforts, which are well advanced, are likely to be impaired”, Meyer Burger admits.
Swiss
