Inmocemento, through Cementos Portland Valderrivas, has reached an agreement with its partners in the Giant cement company to sell it, an operation that will mean a cash inflow of 190 million euros (200 million dollars) and a capital gain of 137 million euros (145 million dollars). The sales agreement signed with Heidelberg Materials North America values the company at around 568 million euros (600 million dollars), as indicated by Inmocemento – the cement and real estate spin-off of the FCC group – to the National Securities Market Commission (CNMV).
Portland Cements Valderrivas99.52% owned by Inmocemento and head of the group’s cement area, has a 45% stake in Giant Cement Holding. In addition, Fortaleza also has a 41% stake and Santa Anita Crusher and Materials Processor with 14%.
This binding agreement with Heidelberg Materials North America embraces the acquisition of 100% of the share capital of Giant Cement Holding and its subsidiaries, except for the Keystone plant and certain other real estate assets, which will be segregated prior to closing. The sale is subject to compliance with the customary post-closing adjustments in this type of transaction.
The operation, net of debt and pertinent tax adjustments, may represent for Cementos Portland Valderrivas, an approximate inflow of funds of 200 million US dollars (189 million euros) and a capital gain of around 145 million dollars (137 million euros).
Inmocemento, which debuted on the stock market on November 12, concentrates 80% of the FCYC real estate unit, as well as 99% of Cementos Portland Valderrivas. The remaining 20% of FCYC’s real estate unit remains controlled by Soinmob, owned by Mexican magnate Carlos Slim, FCC’s main shareholder. The real estate division that is integrated into Inmocemento includes activities such as the sale and operation of plots of land, shopping centers or nursing homes; as well as the real estate development itself; in addition to participations such as Realia (76.6%) or Metrovacesa (21.2%).
In the case of the cement area, the 99% of Cementos Portland Valderrivas that is part of Inmocemento includes the 87.8% stake in the Tunisian Société de Ciments d’Enfidha and 45% in the American Giant Cement Holding, the latter being sold. Inmocemento shares are quoted at 3 euros and Since their stock market debut, they have devalued 21.6% on the stock market.
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