G4S confirms it will issue new shares

<p>New shares are to be issued by G4S.</p>

Security company G4S has confirmed it is going to issue more shares in a bid to improve its financial situation.

The firm revealed that it is also planning to sell off some divisions to raise funds and lower its levels of debt.

G4S confirmed that it is set to offer 140.9 million new shares, which would be up to 9.99 per cent of its current share capital.

The share price of the firm was up today (August 28th) on the back of the announcement. At 15:19 BST, its stocks were trading almost three per cent higher.

G4S revealed it will be selling its Canadian Cash and Colombia Data businesses for £100 million as part of the steps to improve its finances.

The firm announced a £70 million loss on its Olympics contract earlier in the year after it failed to provide enough security guards for the event, which was held in London last summer.

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