Amancio Ortega buys 5% of electricity network and becomes the second shareholder after the SEPI

Pontegadeea, the investment arm of Amancio Ortega, has been done with 5% of the Spanish Electricity Network (Ree), the company that manages the high voltage net

Amancio Ortega buys 5% of electricity network and becomes the second shareholder after the SEPI

Pontegadeea, the investment arm of Amancio Ortega, has been done with 5% of the Spanish Electricity Network (Ree), the company that manages the high voltage network in the country, and thus becomes the first private investor of The Company and the Second Shareholder after the SEP (State Society of Industrial Participations), which holds 20%.

Ree, whose actions have ended the session of this Thursday at 16.85 euros, capitalize around 9,120 million euros, so 5% would be a value of 450 million euros today.

In this way, the founder of Inditex and one of the greatest fortunes in the world adds electrical network to its investment portfolio, coinciding with the controversy in Spain by the high prices of light in recent weeks.

In this portfolio, ENAGÁS are also present, which the Pontegadea Group owns 5%; Telxius, which holds 9.99%, and Inditex, which constitutes its main investment and from which it has 59.29%.

Precisely the impact of the Coronavirus on the activity of the group that encompasses brands such as Zara, Bershka or Uterqüe, has been the main reason for the reduction of benefits recorded by Pontegadea in 2020.

The net result of the Group deleted 62.5%, from the 1,778 million from 2019 to 666 million, mainly influenced by the Reduction of the Dividend from Inditex, which stood at 646 million in 2020 compared to 1,626 million in 2019.

In addition to financial shares in companies, Pontegadea has its other great strut in the real estate sector and also in this part, the effects of the Covid-19 were felt. Net income from brick in 2020 reached 613 million euros, compared to 621 million of the previous year, and the joint assessment of its portfolio was reduced in that period from 15,163 million to 14,075 million in 2020, according to accounts Deposited by the Group in the Mercantile Registry.

Updated Date: 07 August 2021, 20:55

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