Inmocaral Group is to issue shares for a total value of EUR 219.3 mln in a move aimed at facilitating the share swap agreed with Spanish peer Colonial. The property company will issue 52.46 million new shares at a price of EUR 4.18 per share.
Inmocaral Group is to issue shares for a total value of EUR 219.3 mln in a move aimed at facilitating the share swap agreed with Spanish peer Colonial. The property company will issue 52.46 million new shares at a price of EUR 4.18 per share.
Inmocaral already owns 93.41% of Colonial after launching a takeover bid last year. The company will control the remaining 6.59% through a share swap with a ratio of 40 Inmocaral shares for every three Colonial shares. Luis Portillo will be the major shareholder of the merged group with 37%. Spanish property firm Nozar, businesswoman Alicia Koplowitz and entrepreneur Rafael Santamaría will own respectively 9.84%, 9.39% and 6.6%.