UPDATE 1-Spain's FCC considers calling on shareholders for another $640 mln

jueves 12 de noviembre de 2015 06:58 GYT
 

* FCC says talks on refinancing debt at advanced stage

* Says potential cash call to be 400-600 mln euros

* Says would back capital hike at Cementos Portland unit

* No decision yet made on buying into Realia cash call (Adds details on capital increase, debt refinancing talks)

By Julien Toyer

MADRID, Nov 12 (Reuters) - Spanish services and construction company FCC said on Thursday it might make another cash call on shareholders to raise up to 600 million euros ($643 million) to repay debt and strengthen its balance sheet.

Mexican billionaire Carlos Slim became FCC's largest shareholder with a 25.6 percent stake at the end of last year after buying more than 50 percent of a $1.3 billion rights issue in a deal with the previous biggest shareholder, Esther Koplowitz, daughter of the company's founder.

But the company has remained mired in debt and has struggled to reshape its business amid still low infrastructure spending in Spain. Its shares were down 3 percent at 6.837 euros by 1022 GMT, extending losses of around 40 percent so far this year.

In a bid to put the group on a firmer footing Slim's Mexican colleague Carlos Jarque was appointed as the new chief executive in August, while talks were opened with creditors to refinance its so-called "tranche B" debt that it would now repay with the proceeds of the new cash call.   Continuación...