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Cementos Portland Valderrivas successfully completes 202 million euro equity issue


Cementos Portland Valderrivas successfully completes 202 million euro equity issue

Cementos Portland Valderrivas has successfully completed a 202 million euro equity issue, which was fully subscribed.

The core shareholder, FCC, subscribed all of the shares to which it was entitled (approximately 69%) and the market took up the remainder. The success of the transaction is evidenced by the fact that the other shareholders applied for 2.9 million shares more than they were entitled to under the pre-emptive right.

The issue, plus the sale of Cementos Portland Valderrivas assets in Argentina and Uruguay for 137 million euro, rounds out a set of measures to strengthen the company's balance sheet and financial structure by reducing net debt, thus contributing to an improvement in the financial ratios and enabling the company to adapt to its current situation and look to the future.

The new shares, which are expected to be listed by year-end, will have the same economic and political rights as those currently outstanding.

BBVA and BNP Paribas acted as Global Coordinators and Bookrunners. BBVA also acted as agent bank.

Cementos Portland Valderrivas

Founded in 1903, Cementos Portland Valderrivas is the largest Spanish-owned cement producer. It has plants in Spain, the USA, Tunisia and the UK, among other countries, with a total production capacity of 17.5 million tonnes (aggregate, concrete and mortar).

The company is actively implementing a policy of using alternative fuels to reduce both CO2 emissions and its dependence on traditional fossil fuels.

It recently launched new types of cement (for treating contaminated soil, production of concrete in aggressive environments, building refurbishment, applications in the petroleum industry, etc.) as part of its efforts to adapt to the construction industry's new functional needs and in line with its commitment to sustainability.

Cementos Portland Valderrivas has maintained its leading position by applying cutting-edge technologies in all production processes to ensure operating excellence, environmental preservation and improved working conditions.