MADRID, 12 (EUROPA PRESS)
Saeta, renewable energy subsidiary of ACS, provides fixed today Thursday, February 12, price to which its shares begin trading on the Stock Exchange on Monday 16th.
The price will be determined between the indicative range between 10.45 and 12.25 euros per share set at the initial public offering ( IPO) of shares with the group headed by Florentino Pérez placed on the market 51% of the capital of the ‘green’ subsidiary.
Saeta is a society ‘yieldco’ that ACS has transferred a asset portfolio consists of 16 wind farms located in Spain, with a total capacity of 539 megawatts (MW) and three thermal plants, also in the domestic market, generating 150 MW.
ACS intends to transfer in the next two years new batches of assets to the new subsidiary, which will also emption of new clean energy assets to build the group.
The price set for release in Stock Saeta is also at the US fund GIP take 24.4% of its share capital, and will thus become the second largest shareholder after ACS, which thus left with another 25.5%.
ACS enter a maximum of 752 million euros with the placement of 51% of Saeta on the Stock Exchange and the sale of 24.4% to GIP, if the IPO price is set at the top of the indicative fork.
With the market debut of Saeta, the construction and services group meets its objective to sell part of its renewable energy business, including the divestment plan carried out to reduce its indebtedness. The liability related to its activity in clean energy is around 2,000 million euros.
QUARTERLY DIVIDENDS.
Saeta jumps to floors with a commitment to deliver “a quarterly dividend regular” from the same first quarter of 2015. For this exercise, estimated pay members a total of 57 million euros.
The company will reward the partners this year despite estimates that close the year with a loss of 13 million euros, “red numbers” that will exceed in 2016, when estimated a profit of 32.5 million. Saeta estimated to generate revenues of about 224 million euros.
In the IPO prospectus, the company presents itself as a company with a vocation to “provide value for its shareholders by combining dividends and growth.”
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