Sonae Indústria shares fall 9% on Lisbon stock market

The fall occurred after Teak Capital reduced its share purchasing option to just 4.4% of the total listed capital in the wood-based panel producer.

Sonae group shares fell 8.91% to €2.76 on Tuesday with over 170,000 shares changing hands in less than two hours trading in Lisbon, an amount surpassing the daily average of 80,000 shares traded over the past three months.

However, the company won, for the first time, the Euronext Lisbon Awards in the category “Best Performance.”  The award excels the performance of listed companies on Euronext Lisbon for 2017.

Founded in 1959 as part of SONAE Group, Sonae Indústria quickly became one of the largest Portuguese manufacturers of wood-based panels. Located in the north of Portugal, the company has undergone an expansion process through a combination of organic growth and acquisitions and has become one of the industry leaders with business units in Europe, North America and South Africa and a wide variety of products for the furniture, construction and decoration industries.

In May 2016, Sonae Indústria completed a partnership with Arauco, a company with headquarters in Chile and one of the largest producers of forest resources. As a result of this strategic partnership, Sonae Indústria holds a 50% shareholding in Sonae Arauco. The company also retained the full ownership of the wood-based panels business in North America, operated by Tafisa Canada, of the Laminates & Components business and some real estate assets in Europe.