8 ()
FCC shares rose nearly 7% on the stock market this Friday, once the spin-off of its real estate and cement businesses into the new company Inmocemento, with a value of more than 1,930 million euros, has been discounted from its price.
Specifically, its shares closed the day at 9.42 euros per share, compared to the 8.81 euros at which the session opened. Yesterday, its securities were quoted at 13.06 euros, but the 4.25 euros at which Inmocemento has been valued have been subtracted from that amount, resulting in those 8.81 euros.
In this way, FCC’s capitalization has fallen by almost 28% from Thursday to Friday, although that value has been transferred to Inmocemento, the new company that will begin trading next Tuesday, November 12, at a starting price of 4 .25 euros.
An analysis by Banco Sabadell values Inmocemento at 1,517 million euros, 21.5% less than the reference value for its stock market debut. For its part, the target price assigned to FCC without these assets is 12.4 euros, which represents a potential of 32%.
In any case, it is worth remembering that FCC’s free float is only 7.5%, since Mexican magnate Carlos Slim controls more than 80% of the shares and there are other institutional investors.
CAPITAL INCREASE
The spin-off operation consists of the transfer of two economic units of FCC, the first of 53 million shares of its real estate subsidiary, FCyC, which represent 80% of the share capital of this business.
The second transfer affects 154 million shares of Cementos Portland Valderrivas, its cement subsidiary, which represent 99% of the capital of this company, as reported to the National Securities Market Commission (CNMV).
The issuance of the new shares will be carried out through a capital increase that will be carried out by Inmocemento for a total effective amount of 1,597 million euros, 227 million corresponding to the nominal amount and 1,369 million to the issue premium, which will represent the entire its social capital.
Under the perimeter of Inmocemento is 80% of its real estate business – made up of its investees Realia (76.6%), Jezzine Uno (100%) and Metrovacesa (21.2%) – and Cementos Portland Valderrivas – which includes the companies Société de Ciments D’Enfidha (87.8%) and Giant Cement Holding (45%)–.
BOARD OF DIRECTORS
On Thursday, the new board of directors of the spun-off company was also formed, which will be made up of 11 directors, with Juan Rodríguez Torres (president of Realia) standing out as president, and Gerardo Kuri and Alicia Alcocer Koplowitz as first and second vice presidents, respectively.
Most of them repeat the same FCC directors (Pablo Colio, Carlos Slim, Esther Alcocer Koplowitz, Alejandro Aboumrad, Esther Koplowitz Romero and Álvaro Vázquez), except Carmen Alcocer and Manuel Gil Madrigal, who are FCC directors but will not be Immocemento.
Gisselle Morán and Elías Fereres join in their place, completing the 11 seats on the council. The first is general director and CEO of Real Estate Media Group and the second has been president of the Royal Academy of Engineering of Spain.
One of the first communications to the CNMV of the new company was the signing of a liquidity contract with Banco de Sabadell, with a duration of 12 months and a maximum amount of one million euros, with the aim of promoting liquidity and regularity of the price of its shares.
Add Comment