Monday August 31, 10:03 AM
UPDATE 1-Mariella Burani shares suspended after H1 loss
MILAN, Aug 31 (Reuters) - Shares in struggling Italian fashion group Mariella Burani (Milan: MBFG.MI - news) were suspended from trading for an indefinite period, the Milan bourse said on Monday.
It said a statement would be issued later on Monday. Mariella Burani, which makes ready-to-wear womenswear and leather goods, was not immediately reachable for comment.
The company swung to a net loss of 142.1 million euros ($204 million) in the first half as revenues fell and it undertook a restructuring, it said in a statement on Sunday.
In a note attached to the results, auditor Mazars quoted unnamed Mariella Burani board members as saying there were 'significant elements of uncertainty' about the group's ability to continue operating.
The auditor said it was not expressing professional judgement on the results, nor on those of leather goods unit Antichi Pellettieri (Milan: AP.MI - news) , which also posted a net loss.
Mariella Burani said this month it was calling a shareholder meeting to approve a mandate for a capital increase of up to 100 million euros in the next five years.
'The major shareholder has expressed willingness to subscribe this capital increase together with the assistance from long-term strategic and/or financial partners,' it said on Sunday.
The Burani family controls more than 70 percent of the group.
(Editing by John Stonestreet)
($1=.6964 Euro) Keywords: MARIELLABURANI SHARES/
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