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Approval of a Pta 19 billion capital increase in Cintra

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Published on 04/26/1999

On May 28th 1999, the Board of Directors of GRUPO FERROVIAL, S.A., has given its approval to a Pta 19 billion capital increase in its subsidiary CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE, S.A., to be subscribed by its current shareholders GRUPO FERROVIAL, S.A. (67.58%) and AGROMAN EMPRESA CONSTRUCTORA, S.A. (32.42%), in proportion to their above-mentioned participation in the capital stock of the company.

AGROMAN EMPRESA CONSTRUCTORA, S.A. and FERROVIAL, S.A. are in the process of completing the spin-off split of the latters construction activities in favor of the former, within the process of integration of the construction activities of both companies on which additional information will be provided.

The Pta 19 billion capital increase, to be shortly approved by the Shareholders Meeting of CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE, S.A., will be totally allocated to the partial reimbursement of bank financing, mainly used to complete capital payments in the following concessions participated by CINTRA: Artxanda Tunnels (Spain); Autopista del Sol (Spain); Terrasa/Manresa toll road (Spain); Temuco/Río Bueno toll road (Chile); Collipulli/Temuco toll road (Chile); Santiago/Talca toll road (Chile); Grupo Aeroportuario del Sureste (Mexico); and Toll road 407 in Toronto (Canada).

Moreover, the partial reimbursement of debt will release part of the companys credit limit, allowing the financing of capital payments in recently awarded projects (Estepona/Guadiaro toll road) or in future projects.

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