El Corte Ingles buys back half of Qatari Primefin’s participation for 387m

El Corte Ingles and its Qatari shareholder first class we signed a deal this Tuesday bought back half of its shares, ie 5.53% of 11.07%, from the distribution company Primefin. that I have ever had, €387.1 million.

Thus, the agreement between the parties It means valuing El Corte Inglés at around 7,000 million eurosrecognizes Primefin’s contractual rights in line with the latest corporate operations conducted and also as reported by the company.

Repurchase of Primefin shares, from past loanIt is part of the company’s financial optimization.

Also under the leadership of the group Martha Alvarez He underlined that at a time when El Corte Inglés strengthened its financial situation with the lowest debt level in the last 15 years, the operation was carried out without debt increase and with its own resources.

The operation, as stated, allows Allocate 5.53% obtained to strengthen the group’s treasury stock.

Following the agreement between the parties, Primefin Company of Qatari investor Sheikh Hamad Bin Jassim Bin Jaber Al Thaniwill adjust its rights according to its new conditions and will continue to be a shareholder of El Corte Inglés with a 5.53% stake.

Source: Informacion

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