The preocconduct of creditors of Duro Felguera is approaching the time of discount, and despite the critical situation of the quoted, one of her reference shareholders already warns that she does not plan to put more money in the group. The Portuguese Mota-Engil, who entered the quoted Spanish through a Joint Venture With the Mexican Grupo Prodi, it is blunt when asked: “To be totally clear: we will not inject more funds”.
The CEO of the Portuguese Group, Carlos Mota Santos, defended his position at a meeting with analysts after the presentation of results of exercise 2024. Thus, the Asturian firm and the SEPI have already directly obtained the refusal of one of the two legs that came out to the rescue in February 2024 with a capital extension of 90 million euros.
The Executive justified the decision by defending that it was an instrumental investment for Mota-Engil Mexico-the vehicle that holds 24% of the capital. “We needed the technical capacities, the curriculum and the knowledge to compete in new industrial sectors. This was the main reason why we made the investment,” they explained. The will of Mota-Engil was both to learn in the plant construction industry and energy.
“We can conclude that the investment is already paying off, as we are already awarded the first projects linked to these sectors,” he celebrated.
According to its calculations, it holds around 14% of the actions of Duro Felguera, as it has a majority in the Joint Venture who shares with Grupo Prodi, the Mexican shareholder who has about 31% of the titles. The vehicle controlled by José Miguel Bejos seems – waiting for a new investor potential to appear – as the only private group that could contribute some money beyond the SEPI.
The 90 million Prodi and Mota-Engil
Mota-Engil is thus totally shown against increasing the contribution made in 2024 when, in the hands of Grupo Prodi, it injected 90 million euros into a capital increase that lasted less than a year in the coffers of the organization. The box burning of several projects that was running made the amount contributed by both investors evaporate.
Did not convince the ambitious business plan, called Mexico Plan, with which the group aspired to grow in North America with up to 8,000 million in opportunities to capture. However, to access them, more than 300 million euros were required in banks of the bank, than the entities – scanned by the last restructuring undertaken – refused to increase.
Mota-Engil controls 51% of the Mota-Engil Mexico subsidiary-the holder of the Hard Felguera shares. The remaining 49% is in the hands of Grupo Prodi. In 2024, the group registered benefits of 123 million euros. Meanwhile, the billing was 5,951 million and Ebitda reached 955 million.
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