Valencia-based property group Astroc Mediterraneo has announced it will raise as much as EUR 2 bn by issuing new shares to finance expansion abroad. In a statement to Spanish stock market regulator CNMV, the company said its board has already got approval during a shareholder meeting on Monday for the share issue. Astroc is planning to 'diversify geographically, expanding to the international arena' and is keen to invest in property companies and new projects, 'preferably in the US, Mexico and Brazil'.
Valencia-based property group Astroc Mediterraneo has announced it will raise as much as EUR 2 bn by issuing new shares to finance expansion abroad. In a statement to Spanish stock market regulator CNMV, the company said its board has already got approval during a shareholder meeting on Monday for the share issue. Astroc is planning to 'diversify geographically, expanding to the international arena' and is keen to invest in property companies and new projects, 'preferably in the US, Mexico and Brazil'.
The Spanish firm has also announced it is planning to split its stock sometime in May, when the group will also carry out the share issue. The increase in the company's shares, up 11-fold since an initial public offering last May, persuaded the group to carry out a ten-for-one split to make them easier to trade.
Furthermore, its chairman and core shareholder Enrique Banuelos, who previously agreed to maintain a 50% stake 'at least during the 12 months following the group's listing', has announced to the CNMV that he will subscribe the offer by investing some EUR 1 bn. Banuelos will buy stock to maintain the current 51.58% interest he holds through his privately-owned CV Capital.
Astroc also noted that 'up until now no agreement has been made in relation to corporate acquisitions or planned projects'.
