SEPI continues with the purchases: it exceeds 25% in Indra and moves towards its goal

The Spanish State continues with its objective of controlling 28% of Indra. The State Company for Industrial Participations (SEPI) already owns more than a quarter of Indra’s capital, as reported by the technology company to the National Securities Market Commission (CNMV) on Thursday. In total, Sepi has acquired 25.159% of Indra’s share capital in a few days after he rose to 23.89% of participation in the company as a result of the Alba Financial Corporation, of the March family, decided to sell its part in this technology, where it had 3.21% of the capital. Sepi plans to gradually increase its holding until it reaches the aforementioned figure for the company’s shares, as authorized by the Council of Ministersthrough daily purchases so that they do not affect the price of the security.

as it progressed Information, SEPI started the purchases on April 9, when the share opened at 9.4 euros and has the authorization of the Executive to consolidate itself as its reference shareholder. Since then, and despite stock market uncertainties, the value of the share has grown by 13.2%. The strategy was to do it selectively so as not to influence the price of the securities.

The company public recognized for the first time in the call of the shareholders’ meeting on June 23 his willingness to add a third director in the company who joins the former Minister of Industry, Miguel San Sebastián, and the former deputy Antonio Cuevas after exceeding the 23% threshold. A little over a year ago, the entity promoted a replacement at the head of the company that led to the departure of Fernando Abril Martorell as executive chairman and a new governance model with Marc Murtra as non-executive chairman and two CEOs.

With these movements, it seeks to demonstrate the strength of the public body, which seeks to have a much greater influence on the future of the company in a context of more public spending on Defense and the greater weight of European programs. They have already made it clear that the decision responded to the “purpose of providing Indra of shareholder stability and effective support so that it can successfully carry out the commitments assumed”. After that statement, and without a massive purchase of securities having been carried out, two very relevant resignations took place: that of the financial manager, Javier Lázaro, and that of the CEO from the technological area (Minsait), Cristina Ruiz.

The exit that I don’t know has yet produced is that of Ignacio Mataix, sole CEO and with executive powers, despite the fact that internal pressure has increased for it to happen. The Minister of Industry, Reyes Maroto, left it ‘out of the game’ last week after insisting on not ruling out any company, nor Indra, for entry into the Spanish ITP Aero consortium. The executive had defended before analysts even on two occasions that it was a transaction that “was not on the table”.