Inapa to quit Lisbon stock market on 29 October

Inapa IPG shares will be “excluded” from Euronext Lisbon as of October 29, 2024. In a statement to the market on Wednesday, the company explains that Euronext’s decision is because the paper products company has been declared insolvent.

It means that the last day for trading Inapa shares will be on 28 October, 2024.

Inapa went into insolvency in July 2024 due to liquidity issues. In the restructuring process currently underway, its subsidiary Inapa Packaging was sold for €20 million to the French company Next Pack SAS.

The Portuguese paper distribution company ran out of money in July after a €12 million cashflow problem at its German subsidiary, and declared insolvency.

The company’s CEO, Frederico Lupi announced his resignation and the board resigned after the announcement.

The company’s board had tried to find a solution with its creditors and shareholders, in particular the Portuguese public company Parpública that held around 45% of Inapa’s capital, but was not able to resolve the lack of cashflow.

Founded in 1965, the Inapa Group had almost 1,500 employees and operated in 10 countries. Its main shareholders are Parpública, with 44.89%, Nova Expressão, with 10%, and Novo Banco with 6.55%.

The company suffered losses of €8 million in 2023, compared to profits of €17.8 million in 2022 according to the company’s financial results, but sales fell 20% that year to €968.7 million.