Spanish construction group Sacyr Vallehermoso is planning a EUR 400 mln capital increase to boost its finances. The share issue will be priced at EUR 4.5 per share.

Spanish construction group Sacyr Vallehermoso is planning a EUR 400 mln capital increase to boost its finances. The share issue will be priced at EUR 4.5 per share.

The move has received backing from 82% of the group's shareholders, which have committed to participate for a total of EUR 330 mln.

Separately, the company reported a 76% plunge in net profit in the first three quarters of 2010, as a result of a continued slump in its domestic construction and property business. Sacyr posted a EUR 110 mln net profit in the year to date, compared to EUR 468 mln in the same period in 2009.

The group's turnover amounted to EUR 3.6 bn in the first nine months of the year, roughly 20% down on the corresponding period in 2009.