Carlos Slim's FCC to spin off and list cement and real estate unit

Fomento de Construcciones y Contratas SA

17/05/2024 07:41

MADRID, May 17 (Reuters) - Mexican billionaire Carlos
Slim's Spanish unit FCC  FCC.MC  plans to spin off its cement
and real estate assets into a separate business to be called
Inmocemento, which would be then listed on the Madrid stock
market.
    FCC's board believes the move would boost shareholder value
as the new and existing companies are likely to be worth more
apart than together, FCC said in a filing to the stock market
regulator on Thursday evening.
    Inmocemento would take FCC's cement plants and the majority
stake it owns in real estate developer Realia  RLIA.MC  as well
as the minority stake in bigger Metrovacesa  MVC.MC .
    Current FCC shareholders would get Inmocemento stakes
equivalent to their holdings in FCC, the filing said.
    FCC currently owns assets in different industries such as
construction, water and sewerage services, waste management,
cement and real estate. 
    FCC's cement units made 614 million euros ($667 million) of
revenue in 2023, while income from real estate was 254 million
euros. Together, cement and real estate represented about 8.7%
of FCC's revenue. 
    Slim directly owns 11.91% of FCC and controls a further 76%
through investment vehicles Inversora Carso and Operadora
Inbursa.
    ($1 = 0.9206 euros)

 (Reporting by Inti Landauro and Tomas Cobos; Editing by Mark
Potter)
 ((Inti.Landauro@thomsonreuters.com;))