Urbas reduces the price of the purchase of Joca Engineering and Constructions to 15 million euros


Urbas has reached an agreement to reduce the price of the sale of Joca Engineering and Construction to 15 million euros compared to the 35 million that were initially agreed in July, as reported this Wednesday to the National Securities Market Commission (CNMV). ).

The company has explained that, to carry out the price reduction, it has received own shares that were owned by the sellers valued at 20 million euros. “The value of the shares delivered to Urbas coincides with the value that was assigned to said shares in the initial transaction (0.0125.-€) per share: corresponding to 0.010.-€ to nominal value and 0.0025.-€ to issue premium”, he pointed out.

As a result of this operation, the company has obtained a consideration of 1,600,000,000 own shares that were owned by the sellers, “which remain in treasury stock and whose fate is being analyzed” by the company, he pointed out.

“The treasury shares received from the sellers represent an approximate percentage of 3.68% of the company’s capital stock, with an approximate market value, according to the closing value on April 27, 2022, of more than 22 million “, has explained.

Thus, the accounting of the agreement reached and the treasury stock received will be carried out in the 2022 financial year, “in accordance with the criteria required by the applicable accounting regulations, and will be subject to review by the group’s auditor”. “Although the company informs the market that the reduction in the purchase price of Joca will not imply any loss for Urbas”, he has detailed.