Quabit Pays Its First Ever Dividend, In The Form Of Shares

3 August 2016 – El Economista

Quabit Inmobiliaria has paid its first ever dividend, by gifting shareholders one new share in the company for every twenty shares they own.

The company has paid this remuneration to its shareholders after completing the capital increase that it launched at the beginning of July to finance it.

By virtue of this operation, the real estate company chaired by Félix Abánades increased its share capital by €1.26 million, through the issue of 2.52 million new shares, with a nominal value of €0.50 each.

Quabit closed the operation in accordance with the planned timetable, which means that it had issued and handed over the shares by Monday 1 August and now it will address “the necessary steps to register the operation in the Commercial Registry and request the listing of the new shares”, as communicated to Spain’s National Securities and Exchange Commission (CNMV).

The real estate company went ahead with the capital increase, which was approved at its last general shareholders’ meeting, as it considered that the circumstances were now right to reward its shareholders, “after three years of profits and once it had strengthened its equity and financial positions, following the most recent refinancing processes and capital increases”.

Now, after several years cleaning up its books, Quabit is embarking on its growth plan for 2020, which focuses on the development of its land portfolio and so will see a return to the construction of new homes.

The plan provides for total investment of €470 million and focuses on the development of land in Madrid, Barcelona, Valencia and the Costa del Sol, and other areas that the company considers have “potential demand for housing”.

Original story: El Economista

Translation: Carmel Drake