Spanish manufacturer of insulation and building materials Uralita has sold off its entire holding in its own shares, amounting to 1.3% of the total capital, for EUR 8.05 million, the company informed …
Spanish manufacturer of insulation and building materials Uralita has sold off its entire holding in its own shares, amounting to 1.3% of the total capital, for EUR 8.05 million, the company informed the Spanish stock market regulator (CNMV) on 7 July 2004. The funds raised from the sale, which closed on 2 July 2004, are to be used to reduce the company“s net debt, which at the end of 2003 was EUR 451 million, following a reduction of EUR 74 million in the previous fiscal period. Assuming a fall in debt of 13.52%, Uralita expects to close financial year 2004 with a debt of EUR 390 million. The sale announced on 7 July 2004 of 2,639,784 of its own shares at EUR 3.05 each could allow Uralita to reduce its debt by 1.7%. In February 2004, company president Javier Serratosa assured that the company“s debt “is starting to settle to a reasonable level for a return to investing from 2007”.