Duro Felguera’s shareholders approved the entry of two Mexican investors to ensure its viability
Doro Filguera breathes after years in the eye of the hurricane. The extraordinary meeting of shareholders gave the go-ahead for a capital increase to allow the entry of two Mexican investors into the company: Prodi Group and Mota-Engil Mexico. The goal, to be able to face its viability plan and leave the “sensitive” situation that the company was going through. The operation was approved by about 98% of the shareholders who voted.
The company itself has recognized that it is experiencing “a state of difficulties caused by the exceptional context of recent years, from which it is developing positively and from which it can recover definitively thanks to a remarkable industrial effort, provided that it has the necessary funds “to achieve this objective.” These funds It is what I have collected today with the final approval of the entry of these two industrial partners into the capital of the company.
“The capital increase is essential for the company’s sustainable development,” he said. Saab Villqueira In presenting the process, we add: «The search for an industrial partner constitutes a specific requirement imposed by the State Aid Fund and promoted by the Board of Directors of Doro Filguera». Now, the entry of these two groups represents an injection of 90 million euros, with which they hope to ensure their continuity.
Why did the government have a say in the company’s plans? Because, in different words, the executive has bailed out Doro Filguera with 120 million euros through the bailout fund of SEPI. The amount to be returned according to the conditions agreed upon and for which SEPI demanded the industrial partners to enter the capital that could guarantee the continuity of the company and the repayment of the loan, which was contemplated in the operation as confirmed by the CEO, Jaime Arguelles.
Thus, the company wants to put an end to several years of instability; To the many motions on his council, government bailouts and mass layoffs like the one signed off at the end of last year (100 people have already left).
Thus, the two investors will become the main shareholders of the industrial group, “raising together a relevant percentage of the share capital in view of the current situation of significant shareholder fragmentation, with the idea of long-term continuity.” Its participation can amount to more than 50% of the share capital of Doro Filguera.
