Sacyr sold 2.9% stake repsol, The concessions are with those emerging from the oil company’s capital, as reported by the engineering and infrastructure company to the National Securities Market Commission (CNMV) on Monday.
This operation, Sacyr explains, The increase in the price of Repsol shares in recent sessions, This made it possible to offset the settlement cost of put option derivatives (PUT), which functions as a hedge of participation.
The sale reduces the debt associated with these shares by: Left with positive cash balance of 563 million euro and 58 million euro from Sacyr, It will be used to reduce recourse debt and meet the concessionary investment plan.
This means compliance with: One of the goals of Sacyr’s Strategic Plan 21-25: improving the visibility of the balance sheet and the predictability of the company’s income statement.
Sacyr remembered this thanks to this plan.will strengthen its privileged profile, now contributing 83% of gross operating result (Ebitda); will reduce recourse debt, which this operation also contributes to) and increase shareholder fees.
“With Repsol’s debut shutting down, Sacyr will be even more strongly and resolutely focused on the future. fulfillment of other objectives of the strategic plan and in its consolidation as a leading developer and operator of global concessions,” the company assured.
Sacyr also confirmed full support for business strategy and Repsol’s policies to combat climate change.
Shares of the oil company were released last Friday. A price of 15.16 euros per title after 1.34 revaluation%. Sacyr shares closed Friday’s session at 2.59 euros, after gaining 0.31% on the day.
Source: Informacion
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