Enrique Banuelos, head of Spanish real estate company Astroc, confirmed on Wednesday that he is considering leaving Astroc's board in the near future, newspaper Cinco Dias reported. The move comes in the wake of the dramatic drop of Astroc's share price since last April. The company's share price was valued at some EUR 75 last February, but plunged as low as EUR 9.12 in the last week.

Enrique Banuelos, head of Spanish real estate company Astroc, confirmed on Wednesday that he is considering leaving Astroc's board in the near future, newspaper Cinco Dias reported. The move comes in the wake of the dramatic drop of Astroc's share price since last April. The company's share price was valued at some EUR 75 last February, but plunged as low as EUR 9.12 in the last week.

Earlier in June, the company announced a series of initiatives aimed at reorganising its structure. After appointing Juan Antonio Alcaraz as the new ceo and reducing its board from 13 to 10 members, it said it would initiate a three-way merger with its Rayet Promocion and Landscape units. Astroc said it expects to complete the merger by year-end, creating a EUR 3 bn conglomerate with a new name.