FCC shares rose 2.6% at the opening of the stock market, up to 13.92 euros per share, after announcing yesterday, with the stock market already closed, that it will transfer to Inmocemento, a company wholly owned by the construction company, the 80% of its real estate business (FCYC) and all its shares in Cementos Portland Valderrivas.

As explained by the company to the National Securities Market Commission (CNMV), FCC plans to take Inmocemento public, valued at 1,596 million euros.

FCC shareholders will be assigned a number of shares issued by Inmocemento identical to the number of shares they own in FCC, through the capital increase that Inmocemento will carry out within the framework of this partial spin-off of its real estate divisions. and cement.

In relation to the above, prior to and simultaneously with the aforementioned capital increase of Inmocemento, it will reduce its share capital to zero, so that FCC shareholders will receive, by virtue of the partial spin-off, a number of Inmocemento shares equal to the number of shares they own in the company.

As a result of the partial spin-off, FCC will reduce its freely available reserves by the total amount of the nominal amount and share premium of the share capital increase of Inmocemento, which will amount to more than 1,596 million euros, which is the amount corresponding to the FCC’s book valuation of its stakes in FCYC and Cementos.

For these purposes, the board of directors of FCC and the Sole Administrator of Inmocemento have drafted, approved and signed the mandatory common project of the partial spin-off, which will be submitted to the approval of the ordinary general meeting of shareholders of FCC and to the decision of the sole shareholder of Inmocemento (FCC).

The planned partial split is essentially linked to the admission to trading of Inmocemento shares on the Madrid, Barcelona, ​​Bilbao and Valencia Stock Exchanges through the Stock Exchange Interconnection System (SIBE).

It is expected that said admission to negotiation process may be completed in the fourth quarter of fiscal year 2024.

Through this business restructuring operation of FCC, Inmocemento will become the parent company of a new business group composed of FCYC (real estate unit) and Cementos (cement unit) and their respective subsidiaries, with Inmocemento becoming listed separately from FCC. .

This aims to differentiate the strategy, management and valuation of the new group with respect to FCC and facilitate the separate perception and maximization of value of both groups by the markets.

Likewise, FCC shareholders will maintain full liquidity of both their FCC and Inmocemento shares, to the extent that they will be listed independently, which will provide shareholders with greater flexibility in the management of their investment, to the At the same time, it is also easier for the markets in general to be able to invest separately in the two groups resulting from the partial split.