Bicc Makes Cash Call For Investments

British construction-to-cables group BICC Plc made a £170 million ($265 million) cash call to investors on Thursday, just one month after reporting a plunge into first-half loss. The company unveiled plans for a 2-for-11 rights issue of new shares at 270 pence per share to help fund investment opportunities worth more than £200 million. The time is right to focus on the future development of the business and significantly accelerate the pace of its investment to facilitate faster growth, chairman Viscount Weir said. The group plans investment of around £140 million in optical fibres, Brand-Rex data communications cables and high voltage cabling. An extra £40 million is earmarked for the Asia-Pacific region and £35 million for equity investment in infrastructure projects which require private finance both in Britain and abroad.