Authorization for SEPI to increase the capital of its affiliated company SEPIDES
31 July 2009 |
The Council of Ministers has authorized to the state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI) to increase the social capital of its affiliated company Sepi Desarrollo Empresarial, S.A. (SEPIDES), for the amount of up to 22 Million Euros.
SEPIDES is a company wholly-owned by SEPI, and which was incorporated in 2002 as an action tool for SEPI with the goal of promoting the entrepreneurial activity, taking part in the capital and granting loans to private initiatives which give place to new investment and which generate employment. Its activity scope is focused on strategic industries defined for the Government's economic policy, such as renewable energies, R&D, the Environment, new technologies and the system for caring for old-age persons. Besides, it takes part, together with other state-owned and private entities, in a number of venture-capital funds.
SEPIDES has assessed its financial requirements for the short and medium-term in 22 Million Euros, taking into account the outlays for the investments to be made during the next few months, as well as the returns envisaged resulting from the divestments in different projects. SEPIDES' social capital after the capital increase will amount to 127.9 Million Euros, representing 42.4 Million shares.
SEPI's Board of Directors, in the meeting which it held on May 8th, 2009, authorized SEPIDES to carry out the above mentioned capital increase, through the issue of 7.3 Million shares, each with a nominal value of 3.01 Euros, disbursing at the time of the subscription 59% of the capital increase's price (12 Million Euros). Latter disbursements will be made depending on SEPIDES' investment needs.