Sacyr has sold its 2.9% stake in Repsol, with which it has left the capital of the oil company, as reported on Monday by the concessions, engineering and infrastructure company to the National Securities Market Commission (CNMV).
The construction company, chaired by Manuel Manrique, has taken advantage of the increase in Repsol shares in recent stock market sessions to meet one of the objectives declared in the last Strategic Plan, which was to get rid of holdings such as Repsol's before 2024 to focus on the concession business.
According to a note sent early Monday to the National Securities Market Commission (CNMV), Sacyr has settled a financial debt of 563 million subscribed in derivative products to cover its stake in Repsol after having sold the oil company's shares over from last week. The operation leaves a positive net balance for Sacyr of 58 million that will be used to reduce debt and meet its investment plan in concessions.
With this Sacyr operation, the failed strategy started 16 years ago by Luis del Rivero, then in charge of Sacyr, allied with the PEMEX oil company to try to take control of Repsol. The disembarkation took place with the taking of a participation of almost 10% that came to increase up to 20%.
Sacyr has recalled that, thanks to this plan, it will strengthen its concession profile, which now contributes 83% of the gross operating profit (Ebitda); will reduce recourse debt, to which this operation also contributes), and will increase shareholder remuneration.
"Once Repsol's exit is complete, Sacyr will focus even more forcefully and with determination on meeting the rest of the objectives of its strategic plan and on its consolidation as a leading developer and operator of concessions at a global level", the company has assured. .
Sacyr has also confirmed its full support for Repsol's business strategy and policies to combat climate change.
The shares of the oil company closed last Friday at a price of 15.16 euros per title, after revaluing 1.34%. For their part, Sacyr shares ended Friday's session at a price of 2.59 euros after rising 0.31% on the day.
