Cementir Holding is to ask it shareholders to approve a rights issue of up to EUR300m, the Italian cement major has said.

The board is calling an extraordinary shareholders’ meeting on 23 February 2015 to mandate the board for the rights issue to be carried out in five years, in one or more tranches, with pre-emptive rights, Cementir said in a statement.

“The purpose of this proposal is to increase the capital resources and the financial flexibility of the company as part of the implementation of its growth strategy,” the company added.