The new Madrid-based subsidiary was created with an initial
capital of 60,000 euros ($66,306.00), according to the official
document.
($1 = 0.9049 euros)
(Reporting by Corina Pons; Editing by Andrei Khalip and Mike
Harrison)
MADRID, April 14 (Reuters) - Spain's Ferrovial ,
which plans to move its holding company to the Netherlands, is
handing control of a new subsidiary in Madrid to its chairman's
son, an official document showed.
Ferrovial International SE (FISE) appeared in the official
Spanish registry of business entities on Thursday, the day
shareholders overwhelmingly voted in favour of the move abroad
designed to pave the way for its shares to be also listed in the
United States, improving liquidity and access to financing.
The Spanish government has criticised the infrastructure
building and its chairman, Rafael Del Pino, calling the Dutch
domicile plan ungrateful and hampering Spain's interests while
arguing that a Spain-based company can list its shares in the
United States, although there are no such precedents.
Del Pino told shareholders at Thursday's general meeting
that the company, which gets 82% of its revenue from abroad, was
sticking to its Spanish roots.
"Ferrovial is not leaving Spain...it has always been our
country and we are not giving it up," he said.
In an apparent sign of its continued commitment to Spain,
Del Pino's son, Ignacio Del Pino, will be in charge of FISE,
which is described as the "first subsidiary of foreign company"
in the business registry.
The unit shares its name with the Dutch subsidiary that will
absorb the mother company, Ferrovial, and become the
headquarters of the holding, to be dual-listed in Madrid and
Amsterdam before applying for a listing in the United States.
Ferrovial will be delisted in Spain.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.