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FCC will offer its employees company shares at half-price.


FCC will offer its employees company shares at half-price.

Fomento de Construcciones y Contratas, S.A. (FCC), in order to foster the participation of its employees in the company's capital and to reward them for their loyalty, has implemented a Centenary Plan whereby employees may buy shares in the company under extremely advantageous conditions.

The plan to reward its employees was approved by FCC as a way of celebrating the company's one hundred-year anniversary.

Each employee will be entitled to purchase 20 shares at a 50% discount off the reference price (75% for handicapped employees) with a commitment to maintain these conditions for three years.

It is estimated that some 25,000 employees working for the different companies making up the FCC Group will be entitled to benefit from the Centenary Plan. Only upper management and those who have worked for the company for less than two years are excluded from participating in the Plan.

According to the company's estimates, 500,000 shares currently in the company's possession and equivalent to 0.416% of its share capital, will be made available to employees.

To facilitate the purchase of these shares, payments may be made in three monthly installments through payroll deductions. The deferred payment will have no cost for employees. Furthermore, all brokerage and deposit costs will be absorbed by FCC.

The Securities Exchange Commission is being notified today of the plan, which is expected to conclude by the end of the year 2000.