ACS withdraws in Argentina. The group he presides Florentino Perez has reached an agreement to transfer its construction subsidiary in the country Dycasa to the local company Inversora Mercedes.
Specifically, Dredging sells shares representing 66.1% of the capital of Dycasa and 88.8% of the voting rights. This is a divestment of a very limited size, since the amount of the sale amounts to two million dollars (1.85 million euros at the current exchange rate).
Inversora Mercedes is controlled by Argentine businessmen Juan Ignacio Abuchdid, Ezequiel Martín Fernández and Martín Pablo Gándara, who will indirectly own 45.25%, 30% and 24.75% of Dycasa, respectively. The remaining 34% of the capital will continue to be listed on the Argentine stock exchange. The company has been on the Buenos Aires trading floor since 1994.
In parallel with this agreement, Dycasa informed the National Securities Commission (CNV) of Argentina that Dragados has granted a loan to the company in US dollars for the equivalent of 23,000 million Argentine pesos (21.6 million euros at the current exchange rate) in capital.
With it, Dycasa must use this loan to pay off debts for 22,401 million Argentine pesos with entities such as Banco BBVA Argentina, Banco de Servicios y Transacciones, Banco de Galicia, Industrial & Commercial Bank of China, Banco Patagonia and HSBC. In addition, the company will have to pay Voestalpine Railway Systems JEZ a debt of $595,665 for the supply of track devices in the Belgrano Viaduct work and for which BBVA appears as guarantor.
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