Sacyr Hires JP Morgan, Morgan Stanley & Garrigues to Effect Testa´s Capital Enlargement

29/05/2014 – Expansion

 The company chaired by Manuel Manrique has announced not long ago intention to open Testa´s capital for new investors and stakeholders, as well as improve the branch´s solvency through capital enlargement.

In a notice sent the the CNMV (Spain´s Stock Market Commission) Sacyr wrote it is exploring the possibility without specifying the amount or time.

Testa is also weighting up Public Stock Offering (PSO) for €500 million. The steps will be discussed at the nearest shareholders´meeting to take place on 2nd July.

Together with the enlargement, Sacyr holding presently 99.5% of the company would lose a part of the stake but without losing control over Testa.

The affiliate possesses in its portfolio one of the towers in the northern part of the Paseo de la Castellana street in Madrid, as well as office buildings in prime areas of the capital and Barcelona, hotels, shopping malls, logistics platforms, nursing homes and houses for rent.



Original article: Expansión (after Europa Press)

Translation: AURA REE