MADRID Dec. 13 () –
The Minority Shareholders Union (SAM) of Duro Felguera has highlighted that lifting the suspension of the Asturian engineering company from the stock market “lacks logic and can only lead to a collapse in the price to the detriment of shareholders”, as explained in statements to Europa Press.
In this context, Duro Felguera will be listed again this Friday on the Continuous Market after having been made available to the National Securities Market Commission (CNMV) “sufficient information” of the circumstances that advised the adoption of the suspension agreement.
The president of the SAM, Eduardo Breña, has indicated that the minority shareholders are unaware of the reason that led to lifting the suspension of Duro Felguera’s listing after the pre-insolvency request was communicated to the CNMV.
The Asturian company, which set a final price of 0.5040 euros on its last day of trading on the Continuous Market, returns to the trading floor two days after announcing that it has requested pre-bankruptcy proceedings before the Commercial Courts of Gijón with the purpose of starting a negotiation for the approval of a restructuring plan, which allows for its future viability and the conservation of the greatest number of jobs possible in the company.
Said request for communication of negotiation with creditors will allow Duro Felguera to carry out the appropriate actions to seek a solution to the disputes that affect it, among others and particularly, those related to the Djelfa project in Algeria.
Duro Felguera has assured that it will continue with its normal activity executing ongoing projects.
In reference to the decision of the supervisory body, the SAM has considered “that such a decision lacks logic and can only lead to a collapse in the price to the detriment of shareholders.”
“We believe that the suspension of trading should not have been lifted or that a new suspension should be decreed until there is news and/or communications from Duro Felguera informing its shareholders and the market of a viability plan or an agreement with the creditors,” the union concluded.
The supervisory body decided to suspend the trading of the Asturian company on November 25, after the Algerian energy company Sonelgaz presented to the Algerian Chamber of Commerce and Industry a request for arbitration against Duro Felguera for the suspension of the Djelfa contract in Algeria.
In this request, Sonelgaz asked to lift the suspension of the contract and resume work, as well as compensation of around 413 million euros.
LETTER TO THE CNMV
This Thursday, Duro Felguera sent a letter to the CNMV in which it explained the impacts recorded in relation to the Djelfa project in Algeria in the interim financial statements as of June 30, 2024 and which have required the restatement of the comparative figures. of fiscal year 2023, which included losses of 48.8 million euros between January and June of last year, compared to the profits of 1.6 million that had initially notified.
According to its interim income statement, the result in the first half of 2023 was 1.6 million, although with the negative impact of the Djelfa project, of 50.4 million, the company recorded losses of 48.8 million euros in restated figures.
As a result of the accounting record carried out, the liabilities as of January 1 and December 31, 2023 increased by 49 and 99 million euros, respectively, while the net equity as of January 1 and December 31, 2023 was reduced by 49 and 99 million euros, respectively.
For its part, the new accounting treatment of the Algerian project is based on the execution scenario of the entire construction, which considers the updating of costs of the initial budget without any type of economic rebalancing by Sonelgaz – the Algerian client – and The maximum amount of the penalty that has been in dispute since fiscal year 2021 entails the provision of a provision of 99 million euros.
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