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El Corte Inglés holds a meeting with Mutua as a shareholder and after the operation with the Qatar Sheikh

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MADRID, July 22 (EUROPA PRESS) –

El Corte Inglés will hold its general meeting this Friday, July 22, after completing its alliance with Mutua Madrileña, which means the insurer’s entry into the distribution group’s participation with 8% of the capital, and the announcement of the buyback of the Half the stake of Primefin, a company linked to Qatari Sheikh Hamad Bin Jassim Bin Jaber Al Thani.

The shareholders’ meeting, the first with Mutua Madrileña as a shareholder, will also take place as part of the new governance structure, which included the creation of a delegated executive committee chaired by Marta Álvarez following the departure of former CEO Víctor del Pozo at the end of last March.

Specifically, the Annual General Meeting deals with the approval of the annual financial statements, the management report and the proposal for the appropriation of the result for the duly audited financial year ending on February 28, 2022.

El Corte Inglés recorded a net profit of 120 million euros in its 2021-2022 financial year (between March 2021 and February this year), with which it returns to the profit path after losses of 2,945 million euros in the previous year due to the impact of the Covid-19 health crisis .

The group closed its last financial year, which ended on February 28, with a consolidated turnover of 12,508 million euros, an increase of 21.93% compared to the previous year.

Likewise, shareholders are expected to approve the operations of the board of directors during the fiscal year ended February 28, 2022 while addressing the approval of purchases and sales of their own shares completed during the year.

Other items that will be discussed at the Annual General Meeting are the appointment, re-election or, if necessary, dismissal of members of the Management Board and the determination of the number of members, the approval of Management Board remuneration and the authorization to acquire treasury shares by way of derivatives and to sell treasury shares.

THE QATARIAN INVESTOR WILL LOSE HIS SEAT IN THE RATE

Following the agreement by which El Corte Inglés will buy back half of its stake from the Qatari investor, ie 5.53% of the 11.07% previously held, for 387.1 million euros, the company Primefin He will remain a shareholder of the group, but he may lose his seat on the group’s board, sources familiar with the operation have told Europa Press.


The agreement between the parties provides for a valuation of El Corte Inglés at approximately EUR 7,000 million, in line with recent corporate operations carried out, and also recognizes Primefin’s contractual rights.

The company has stated that buying back Primefin shares from the loan taken out in the past is part of the company’s financial optimization.

Likewise, the group led by Marta Álvarez has highlighted that the operation will be carried out without increasing the debt and with its own resources, at a time when El Corte Inglés has strengthened its financial situation with the lowest level of debt in the last 15 years. .

The transaction makes it possible to use the acquired 5.53% to strengthen the group’s own shares, which will increase to 5.64% after the transaction.

Following the agreement reached between the parties, the Qatar Sheikh’s company will adjust its rights to the new conditions and remain a 5.53% shareholder in El Corte Inglés.

In addition to the Qatari investor, who entered the capital of El Corte Inglés in 2015, listed as shareholders are: Fundación Ramón Areces (40.04%), IASA (18.4%), Ceslar (9.64%), Mancor ( 8.04%). ), Mutua Madrileña (8%) and others (4.7%).

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Source europapress.es

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