FCC shares fell by more than 27% this Friday at the start of the session, after announcing yesterday, when the market was already closed, that Inmocemento, the new company into which it split its real estate and cement activities, would debuts next Tuesday. on the stock market at a price of 4.25 euros per share. Concretely, shareholders who still held FCC shares this Thursday will receive one Inmocemento share for each FCC share they own, while this Friday, November 8, the shares are already listed without the right to participate in the split.
Thus, the construction company dominated the continuous decline of the market around 9:15 a.m. this Friday, with a drop of 27.72%, until it traded at a unit price of 9.44 euros. Concretely, FCC has set a price of 4.25 euros per share for the IPO, next Tuesday, November 12, of Inmocemento, the new company into which it has split its real estate and cement activities for a value of 1,597 million euros.
This is what the construction company determined on Thursday after having registered in the Commercial Register the public act of this operation, which 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 capital of this company. The second transfer concerns 154 million shares of Cementos Portland Valderrivas, its cement subsidiary, which represent 99% of the capital of this company, as indicated by the National Securities Market Commission (CNMV).
The issue of the new shares will be carried out by means of a capital increase which will be carried out by Inmocemento for a total effective amount of 1,597 million euros, corresponding 227 million at the nominal amount and 1,369 million in share premium, which will represent the entire share capital. Within the scope of Inmocemento is 80% of its real estate activity – made up of its holdings 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%).
This is how the advice will remain
This Thursday it was also established the new board of directors of the split companywhich will be composed of 11 directors, including Juan Rodríguez Torres (president of Realia) as president, and Gerardo Kuri and Alicia Alcocer Koplowitz as first and second vice-presidents, respectively. Most of them repeat the same directors of FCC (Pablo Colio, Carlos Slim, Esther Alcocer Koplowitz, Alejandro Aboumrad, Esther Koplowitz Romero and Álvaro Vázquez), with the exception of Carmen Alcocer and Manuel Gil Madrigal, who are directors of FCC but will not. .Immocent.
Gisselle Morán and Elías Fereres replace them, completing the 11 seats on the council. The first is general manager and CEO of Real Estate Media Group and the second was president of the Royal Academy of Engineering of Spain.
One of the first communications from the new company to the CNMV was signing a liquidity contract with Banco de Sabadell, for a period of 12 months and for a maximum amount of one million euros, with the aim of promoting the liquidity and regularity of the price of its shares.
