5/05/2014 – Cinco Dias
The real estate branch of Sacyr, Testa, is preparing for welcoming new investors. The firm specialized in office building exploitation will plead at the nearest shareholders´meeting a capital reduction to €623.5 million in order to pay dividends of €518 million to its stakeholders. Sacyr holds 99.5% of the capital.
The operation would allow the group chaired by Manuel Manrique to make a lot of money. Then, Testa would obtain a fresh equity injection by giving way to new shareholders.
Last week, Sacyr´s managing board approved an issuance of bonds convertible for shares for the total of €250 million with an enlargement option to €300 million. Moreover, the firm carried out a hastened capital amplification of 7.8% that added to the company´s wealth by €166 million.
Original article: Cinco Días (by J. F. Magariño)
Translation: AURA REE