They reproach that they should have had a representative on the board of directors of Duro Felguera since 2021
Dec. 11 () –
The Minority Shareholders’ Union (SAM) of Duro Felguera has announced that it will go to court, if “necessary”, if the shareholders are harmed or the social interest of the Asturian company is attacked, as explained by this Wednesday to Europa Press the president of the SAM, Eduardo Breña.
“Minority shareholders must unite and be prepared to go to court to defend the interest of Duro Felguera and its shareholders against those responsible for any action or decision that compromises the future of our company, since not only Prodi and Mota Engil are at stake. your money, so do we,” said Breña, who stressed that the Asturian company “is a symbol of Spain’s industrial capacity and thousands of direct and indirect jobs and the prosperity and reputation of Asturias depend on it.”
“We believe that the SAM is the effective vehicle for minority shareholders to act and defend their investment and interests,” the union defended. “Given that we have not been part of imposed decisions contrary in our opinion to the social interest, we have freedom of action to support the defense of the company and go to court in the case, let us hope that this is not the case, if it is necessary,” Duro Felguera’s minority shareholders, owners of 2% of the Asturian firm, have stressed in a statement.
In the document, the SAM has expressed its “total rejection” of the published news that has been denied by the new president of Duro Felguera, Eduardo Espinosa, as well as those that try to link the “centennial company with political stories.” “.
“The previous board is witness to our long-term commitment and our continuous actions in defense of the social interest and shareholders,” explained the SAM, in a context marked by the changes at the top of the Asturian company, which passed for appointing Eduardo Espinosa, until now vice president of the company, as the new president, replacing Jaime Isita, who moved to the Vice Presidency.
Furthermore, he has criticized that the SAM and the minority shareholders should have had a representative on the board of directors of Duro Felguera since 2021, which would have been in accordance with “good governance”, given the “enormous” representation achieved before the entry of the Mexican companies Grupo Prodi and Mota Engil, which took control of the Asturian engineering group by acquiring a 54.66% stake.
In this context, the minority shareholders have stressed that they support the entry of the Mexican firms, which was carried out after two capital increases that both companies agreed to with Duro Felguera, “out of conviction” as there is no alternative to defend the company and its investment.
MEETING WITH ESPINOSA
Regarding the meeting they requested last week with the new president of the Asturian firm, in a context marked by the company’s decision to restate its accounts from 2022, the SAM has indicated that they are still waiting for it to be granted.
“We were an essential part in supporting the agreements that allowed the viability of our company and we can provide the current board with the support of the majority of shareholders in making the best decisions,” the minority shareholders have defended.
For this reason, the SAM has maintained that they have “no doubt that Mr. Espinosa and the current directors are undertaking the necessary reorganization nor that the suspension of contributions to reformulate the accounts is being taken advantage of to make the most appropriate decisions in order.” to the best solution to inherited issues”.
DURO FELGUERA WILL REPRESS ITS ACCOUNTS
In this context, Duro Felguera will restate the annual accounts for the years 2022 and 2023, as well as the interim consolidated financial statements as of June 30, 2024, which it intends to complete next week.
Thus, the Asturian engineering company has informed the CNMV that the board of directors will meet this week, expectedly, to approve the 2024 interim financial statements.
Duro Felguera recorded losses of 26.3 million euros in the first half of the year, compared to profits of 1.56 million obtained in the same period of the previous year.
SONELGAZ REQUESTS ARBITRATION AGAINST DURO FELGUERA
For its part, Sonelgaz has presented to the Algerian Chamber of Commerce and Industry a request for arbitration against the Asturian engineering company Duro Felguera for the suspension of Djelfa’s contract in Algeria.
In this request, Sonelgaz asks to lift the suspension of the contract and resume work, as well as compensation of around 413 million euros, as reported by Duro Felguera to CNMV.
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