9 January 2018 – Eje Prime
The Basque construction firm Ondobide is taking positions in the Spanish property development sector. The company has acquired 3.82% of Quabit’s share capital for €8 million, by exchanging the shares for plots of land in its construction company Rayet, according to a statement made by the group to the National Securities and Exchange Commission (CNMV).
The Basque firm has whereby become the third largest shareholder of the company, after its President, Félix Abánades, and the fund manager Francisco García Paramés, who also acquired 4.93% of the firm in the same capital increase. In the case of the President, by virtue of the capital increase, his stake was diluted to 24% from the 28.63% that he had increased his stake to on the occasion on another capital increase.
Ondobide and Paramés have acquired stakes in Quabit’s share capital as part of the most recent capital increase that the real estate company has undertaken. It issued new shares amounting to €29 million for the express purpose of opening up its equity to new shareholders.
The real estate company undertook this increase and admitted these new shareholders after also making way for minority shareholders through a series of non-monetary capital increases approved in November to close half a dozen operations that involved swapping land for shares.
Original story: Eje Prime
Translation: Carmel Drake