SEPI signs the sale of the totality of the social capital of RENOSA, a NAVANTIA affiliated company
28 July 2014 | Madrid
The state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) today has put on record as a public deed the private contract for the purchase and sale agreement of the shares which represent the whole social capital of the Remolcadores del Noroeste (RENOSA), a wholly owned affiliated company of NAVANTIA, to the consortium made up by the companies Remolcadores Ferrolanos, S.A. (Refesa), Sertosa Norte S.L. and Remolcadores Marracoi S.L.
SEPI began the privatization process on October 31st, 2013 after it was authorized by its Board of Directors. SEPI’s Board of Directors resolved to award this sale on February 28th, for 2 M€, and it has the favorable opinion of the Consultative Board on Privatizations with regard to the fulfillment of the publicity, transparency, and competition principles in the privatization process; the above opinion was issued on April 8th, 2014. Finally, on July 4th, the Council of Ministers resolved to authorize SEPI to proceed with the sale of this affiliated company of NAVANTIA.
Remolcadores del Noroeste (RENOSA) is a limited company wholly owned by NAVANTIA, and which is part, with a 13.5% share, of a joint venture, together with the companies Refesa, Sertosa Norte y Remolcadores Marracoi, which was awarded the license for performing the towing services at the Ferrol port, license which is in force until 2022.
RENOSA recorded in 2013 a 465,548 € income, with a 1.5 M€ turnover, and has a 4-strong workforce, of which 3 persons are the crew and 1 is in charge of the administrative tasks.
The joint venture’s partners signed at its incorporation a collaboration agreement by which they have the capacity to block any shareholder change among the joint venture’s participants, so that they cannot assign their contractual position to a third party without the previous and express consent of the remaining parties. Before the start of the privatization process, RENOSA’s partners had shown their interest in acquiring the company and taking part in a sale process.