Sacyr Vallehermoso Board approves increase in non-assessable capital to pay shareholders (ES)

The Sacyr Vallehermoso (SyV) group’s Annual General Shareholders’ Meeting approved today the increase an increase in nonassessable capital charged against reserves to pay the shareholders. This increase will be one new share for every 32 old shares, and aims to compensate for the effects of inflation in 2004.

To perform this operation, 8,317,291 new shares, each having a par value of 1 euro, will be issued. As a result, Sacyr Vallehermoso’s share capital will increase to 274,470,634 euros, represented by the same number of shares, each having a par value of 1 euro.

Furthermore, the shareholders’ meeting has approved the total dividend charged to 2004 earnings, amounting to 0.36 euros per share, up 20% on the regular dividend distributed in the previous fiscal year. The Sacyr Vallehermoso group’s percentage of earnings distributed as dividend (pay-out) is 25%.

The general shareholders’ meeting has also confirmed its CEO posts with Manuel Manrique Cecilia taking up this position in SyV and in Prilou, S.L., while appointing new directors for the companies Prilomi, S.L. and Actividades Inmobiliarias y Agrícolas, S.A., for a total five-year term. The number of board members is therefore set at 16, less than the statutory maximum of 18 members.

The Chairman of Sacyr Vallehermoso, Luis del Rivero, indicated in his speech to shareholders that “the group’s business structure and capital are its main weapons in the quest for maintaining and strengthening our position as leaders in the fields in which we specialize. Our balance sheet strength and the high caliber of our staff (quality-driven, highly professional and customer oriented) are the two factors driving the business forward each day.”

For his part, CEO Manuel Manrique stated that “our group’s greatest strength lies in its assets. With the strategy developed and investments made in recent years, we have shaped a diversified group, with major presence in businesses that provide ongoing revenue (concessions and rental property), complemented by cash flow generating businesses (residential constriction and housing development).”

Source: Grupo SyV

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