Meeting techniques scatters almost 24% on the stock exchange after requesting a rescue of 290 million to the SEPI

The actions of gathered techniques have collapsed this Friday about 24% on the stock exchange, after announcing that the Solvency Support Fund of SPAG of the SE

Meeting techniques scatters almost 24% on the stock exchange after requesting a rescue of 290 million to the SEPI

The actions of gathered techniques have collapsed this Friday about 24% on the stock exchange, after announcing that the Solvency Support Fund of SPAG of the SEPI companies has been accepted, to receive a rescue of 290 million euros in loans.

On the occasion of the presentation of its semi-annual results, the engineering company has revealed that it began the process to access this fund in the second quarter of the year and has already agreed the amount to which you can access.

These are 290 million euros arranged in two sections, one of 150 million in the form of a participatory loan to compensate for the impact of the pandemic on the own funds, and another regular loan of 140 million intended to compensate the elongation of the execution deadlines of their projects underway, also affected by the health crisis.

The two loans would have a duration of four years, with the possibility of being amortized in advance, and it is expected that its disbursement will occur in the fourth quarter of this year.

After presenting the results before the market opening, they also showed losses of 164 million euros, their titles began to descend abruptly to close the day at 7.12 euros per share.

This price is the lowest in which the company is listed in the last 8 months, coinciding with the minimums to which the pandemic dragged him last November. The value came to play the 6.62 euros, so if now it passes through that figure, gathered techniques would be quoted at historic minimums.

The President of the Company, Juan Lladó, explained that the impact of the pandemic has been "much deeper" than expected, since he has directly impacted the execution of the projects, forcing him to have to reprogram great contracts that represent more than the 50% of your portfolio.

However, Lladó has ensured that "there are reasons to be optimistic", with a portfolio of potential projects of 50,000 million euros, with awarding of more than 2,900 million and with ongoing offers from more than 6,000 million euros.

Meeting techniques has put into value the "strategic" character of the Company for the national economy, one of the essential requirements to access these credit facilities approved by the Government within the framework of the health crisis.

"It facilitates that it continues to exercise an important tractor effect on the country's business fabric and places it under the same conditions of competitiveness that other major international competitors enjoyed that have already achieved financial support from their respective public administrations," justifies the company.

Updated Date: 03 August 2021, 19:09

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