Mota-Engil in €100M capital raise
The board of directors of Portuguese international construction giant Mota-Engil are to meet on 11 January to approve a capital raise of €100 million.
The directors, who represent around 70% of the share capital, approved the capital raise by 99.46%. It will enable the Chinese construction giant CCCC to acquire 30% Mota-Engil.
In a communiqué, Mota-Engil stated that was the only point on the agenda of the board’s general assembly which took place on Thursday in Porto at which shareholders who hold 69.59% of the share capital attended.
The board was “authorised to decide the amount of the increase in share capital and set out all of its terms and characteristics.”
The capital raise will be undertaken “once only” by new influxes of money and through the issuing of new ordinary shares with the same nominal value of the existing shares,” states the communiqué.
The maximum amount of the share capital will increased by a further €100 million with the operation aimed at the company’s shareholders in the exercise of respective preferential rights and other investors who acquired subscription rights”.
“The shares representing the capital raise may be issued with or without issue bonuses and will confer profit rights, reserves or other goods the distribution of which will be conducted after their issue.”
The deliberations on the share capital raise will be preceded by a prior favourable report presented by the Fiscal Board.
The board of directors will meet on Monday 11 January to decide the details of the process for the capital raise underway.