Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2024 05 17T070133Z 1 LYNXMPEK4G06H RTROPTP 4 FCC RESULTS scaled - Business Express

Carlos Slim’s FCC to spin off and list cement and real estate unit


Carlos Slim’s FCC to spin off and list cement and real estate unit

MADRID (Reuters) – Mexican billionaire Carlos Slim’s Spanish unit FCC plans to spin off its cement and real estate assets into a separate business to be called Inmocemento, which would be then listed on the Madrid stock market.

FCC’s board believes the move would boost shareholder value as the new and existing companies are likely to be worth more apart than together, FCC said in a filing to the stock market regulator on Thursday evening.

Inmocemento would take FCC’s cement plants and the majority stake it owns in real estate developer Realia as well as the minority stake in bigger Metrovacesa.

Current FCC shareholders would get Inmocemento stakes equivalent to their holdings in FCC, the filing said.

FCC currently owns assets in different industries such as construction, water and sewerage services, waste management, cement and real estate.

FCC’s cement units made 614 million euros ($667 million) of revenue in 2023, while income from real estate was 254 million euros. Together, cement and real estate represented about 8.7% of FCC’s revenue.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Slim directly owns 11.91% of FCC and controls a further 76% through investment vehicles Inversora Carso and Operadora Inbursa.

($1 = 0.9206 euros)

 

(Reporting by Inti Landauro and Tomas Cobos; Editing by Mark Potter)

 

Recent Post: