SEPI is authorized to sell the whole social capital of RENOSA, an affiliated company of NAVANTIA
04 July 2014 | Madrid
The Council of Ministers has resolved to authorize an agreement which allows the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) to carry out the sale of the shares for the totality of the social capital of the company 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.
The award for this sale was approved by SEPI’s Board of Directors on February 28th, 2014 for the amount of 2 M€, and has the favorable opinion of the Consultative Board for Privatizations regarding the fulfillment of the principles of publicity, transparency, and competition in the privatization procedure, opinion which was issued on April 8th, 2014. This procedure was started, as a result of the authorization by SEPI’s Board of Directors, on October 31st, 2013.
Remolcadores del Noroeste (RENOSA) is a limited company which is wholly owned by NAVANTIA, and which is part of a joint-venture – in which it has a 13.5% participation – together with the winning bidder companies Refesa, Sertosa Norte and Remolcadores Marracoi, which carries out towing services at the Ferrol Port, through a license which will be in force until 2022.
RENOSA recorded in 2013 a 465,548 € profit, with a turnover of 1.5 M€, and its workforce amounts to 4 persons, of which 3 are the crew and 1 is in charge of the administrative tasks.
The joint-venture’s partners signed at the time of its setup a collaboration agreement as a result of which they have the capacity to block any change of shareholder among the joint-venture’s participants, so that they cannot transfer their contractual position to a third party without previously notifying it and getting the express authorization from the other parties. Before the start of the privatization process, RENOSA’s partners had shown their interest in purchasing the company and in taking part in the sale procedure.