Villar Mir Group, the owner of OHL, will become the main shareholder in the real estate company Colonial by injecting 300 million Euros. The company´s capital will extend to 1.000 million Euros, 60% of which is already covered.
Apart from Villar Mar, Santo Domingo Group and a SICAV of Banca Mora will contribute to the capital increase by injecting between 100 – 150 and 100 million Euros respectively.
Moreover, Colonial chaired by Juan José Brugera foresees sale of 15%-20% of its French subsidary, SFL, through which it would gain additional 400 million Euros. For the rest of the liabilities, the company will sign a loan contract of 600 million Euros with Credit Agricole. The final target is to reduce the indebtedness from the present 70% to 50% in debt assets.
Colonial owns a 3.800 million debt, out of which 1.800 millions corresponds to a syndicate loan to overcome at the end of 2014. In the first three quarters of 2013, the group registered a 369 million loss (83%) compared to the same period in 2012, due to its high indebtedness and its branch Asentia, gathering its toxic assets.
The Administrative Board of Colonial called on the Extraordinary General Meeting of shareholders in Barcelona on January 20th, at 12:30 the first call, and the next day, namely January 21st 2014, the second call.
Before the transaction, the real estate company was suspended before the opening of the market. Colonial´s securities, from going up to 2.2% at the return to quotation after 10 hours, down to 17.29% at the closing with 0.866 Euros.