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Nearly 8,000 employees become shareholders in FCC under very advantageous conditions.

16/01/2001

Nearly 8,000 employees become shareholders in FCC under very advantageous conditions.

The Centenary Plan approved by the Board of Directors of Fomento de Construcciones y Contratas, S.A. (FCC) to foster its employees' participation in the company's stocks and to reward their loyalty has been a resounding success: 7,835 employees have become shareholders in the company under extraordinarily advantageous conditions.

This is one of the largest operations of its kind carried out in Spain by a company that trades on the stock exchange.

Each one of these employees has acquired 20 shares in FCC at a price of 9.814 euros (1,633 pesetas) per share which amounts to a 55% discount off the market value of the shares on the date of the operation, January 11, 2001, which was 21.29 euros per share.

All of the company's employees, with the exception of executive staff and employees with less than 2 years of service, were eligible to take part in the Plan, approved by FCC on the occasion of the company's 100-year anniversary.

The stock acquisition will be paid for in three monthly payroll deductions. Employees will not be charged for this deferred payment plan. Furthermore, FCC will assume the cost of all expenses such as mediation and deposit costs associated with the operation.

The shares acquired by the employees belonged to the company's own stock portfolio and may not be sold for three years.