Carlos Slim, a Spanish business tycoon, has received approval from the FCC Shareholders’ Meeting to spin-off his subsidiary Inmocemento as a separate company. This subsidiary will be valued at 1,596 million euros and will begin trading at the end of the year.
The operation involves separating two parts of the FCC business and merging them into one company: the cement business from Cementos Portland, where FCC holds a 99.028% stake, and the real estate side where the company owns 80% and Carlos Slim owns the remaining 20% through Soinmob Inmobiliaria Española. This company includes recent acquisitions in Realia and Metrovacesa.
Slim sees potential value in the Spanish real estate market, which has not fully recovered since the 2008 housing bubble burst. With construction still lagging behind, Slim is looking to unlock the intrinsic value of his real estate properties by listing them separately on the stock market. The spin-off of Inmocemento represents a significant portion of FCC’s revenues and EBITDA.
In addition to approving the spin-off, Esther Alcocer Koplowitz was appointed as a proprietary director for a four-year period at FCC’s Shareholders’ Meeting. The company also announced a flexible dividend payment option of 283.5 million euros that can be paid in either shares or cash, providing shareholders with options for their returns.
This move by FCC reflects a broader trend in both construction and real estate sectors worldwide as companies seek to maximize their assets’ value in challenging market environments.
By consolidating its real estate holdings and listing them separately on the stock market, FCC aims to create value for shareholders while capitalizing on opportunities in an evolving marketplace.
