Bergbahnen Adelboden AG Plans Capital Increase To Finance New Cable Car
Adelboden Mountain Railways AG (BAAG) plans to replace the existing Silleren cable car with the new "Direttissima" cable car. Financing the project, which will cost approximately 35.5 million Swiss francs, requires an increase in share capital of at least 5 million Swiss francs. The Annual General Meeting must approve the necessary amendments to the company's articles of association on November 22, 2025.
With the new "Direttissima" cable car, BAAG is realizing a pioneering infrastructure project: In just 10 minutes instead of 25, guests will now be able to travel directly from the Oey valley station to the Sillerenbühl summit. The reduced travel time creates more time for activities on the mountain and increases its appeal for restaurants and events, as well as for hikers, bikers, and skiers. Thanks to the separation of the new
The new "Direttissima" lift and the existing Bergläger–Sillerenbühl route will eliminate waiting times at the Bergläger station during the winter. Targeted passenger routing via the Oey and Chuenisbärgli valley stations will improve transport comfort and significantly reduce queues on peak days. This will increase the attractiveness of the Chuenisbärgli/Höchst and Vordersillere area.
The new cable car is not only a tourist highlight, but also an economic boost for the region. It secures around 350 jobs at Bergbahnen Adelboden-Lenk AG and strengthens the value chain in the valley. Hotels, restaurants, shops, and businesses benefit directly and indirectly from the new cable car.
Modern mountain railway infrastructure is a key factor in attracting guests and a symbol of a forward-looking destination. Last but not least, modern and financially sound mountain railways increase the attractiveness of a place to live, expand leisure opportunities for locals, and contribute to maintaining property values.
Capital increase as a key element of the financing plan
The overall "Direttissima" project includes not only the new cable car but also the dismantling of the Oey–Bergläger section, the repurposing of the Eselmoos station, the reconstruction of the Bergläger station, and various ancillary structures (relocation of roads, power lines, and snowmaking lines). The total investment amounts to approximately CHF 35.5 million (as of October 2025). Financing requires equity capital of at least CHF 7 million (20% of the costs). Of this, CHF 5 million is to be raised through a share capital increase. This is a prerequisite for committed bank loans and interest-free loans under the New Regional Policy (NRP). BAAG is thus also responding to pandemic-related losses of over CHF 3 million, which were not covered by government compensation.
For the capital increase to proceed, the BAAG Annual General Meeting must approve the necessary amendments to the articles of association on November 22, 2025. If the shareholders approve the proposal, the planned capital increase will take place in two stages:
1. Through convertible loans (at a nominal value of CHF 10.00 per share). The holder of a convertible loan grants BAAG a loan at a fixed interest rate, which is automatically converted into shares after 1 or 3 years.
a. Option A: Duration 1 year, interest rate 1.25%, minimum subscription amount CHF 10,000
b. Option B: Duration 3 years, interest rate 1.75%, minimum subscription amount CHF 25,000
2. by directly issuing new shares (at a nominal value of CHF 10.00 per share)
