Posted By Uma Rajagopal
Posted on May 17, 2024
Carlos Slim’s FCC to spin off and list cement and real estate unit
MADRID (Reuters) – Mexican billionaire Carlos Slim’s Spanish unit FCC 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 as well as the minority stake in bigger Metrovacesa.
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)
