The Spanish technology and defense company Escribano Mechanical & Engineering has increased its stake in Indra to 14.3%, compared to the 8% it previously owned, according to the records of the National Securities Market Commission (CNMV).
In this context, Escribano sources have indicated to Europa Press that at this time the option of requesting a second seat on Indra’s board of directors is “not on the table”, although they have not ruled out that possibility materializing later.
“The company, which was already Indra’s first industrial partner and its second largest shareholder only behind the Sociedad Estado de Participaciones Industriales (SEPI) – which has 25.159% – has now increased its participation by 6%, which reinforces his position in the company,” Escribano stressed in a statement.
The company has also highlighted that, in the current geopolitical context, this increase in its participation in Indra reflects its “firm commitment to the growth and development of the technology industry”, while consolidating its presence in the strategic sectors of defense, aerospace and security and strengthen its synergies with Indra, “a key player in these areas.”
Escribano, which expects to close 2024 with revenues exceeding 300 million euros (around 60% coming from its international business), has also highlighted that with this movement it expands its “influence” and responds to the “high global demand ” of remote weapons stations, munition guidance systems, anti-drone solutions, robots and border surveillance systems.
“With the 14.3% stake in Indra, the EM&E group consolidates its commitment to strengthening the Spanish industrial fabric and contributes to improving Spain’s competitiveness in the global defense and security market,” added Escribano.
In this context, it is worth remembering that Escribano acquired 3% of Indra in May of last year, although by the end of November 2023 its position increased to 8%, a participation that has been maintained until now.
In fact, in the middle of this year Escribano joined Indra’s board of directors by asserting his 8%, which gave him the right to a seat on the company’s highest decision-making body.
The entry into the board of directors of Indra took place on June 27 with the appointment of the CEO of Escribano, Javier Escribano, as a proprietary member.
In that sense, the 14.3% that Escribano owns in Indra would give him the right to request a second seat on the company’s board of directors, made up of 16 members.
In relation to this possibility, company sources have indicated that the option of requesting a second seat on the board “is not on the table” at this time, although they have not ruled out that this request may occur later.
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