Oct 21, 2013 - Spanish firm Abengoa (MCE:ABG) might delist its shares from the bourses in Spain, following the issue of American depository receipts (ADRs) in the US from last week, Bloomberg said on Saturday, citing the company’s CEO.
Manuel Sanchez Ortega told the business news provider in an interview that the delisting would be implemented in order to avoid structural difficulties on the European capital markets. The company head was cited as saying that the majority of Abengoa's business is now in the US so being listed there will boost its visibility.
Trading of shares on the Madrid bourse could to stop in the next couple of years, according to Ortega.
The renewables and engineering company last week said it planned to raise EUR 450 million (USD 615m) from selling ADRs on the Nasdaq Stock Market in the US and Class B shares in Spain, seeking to cut corporate debt maturities, enhance balance sheet and improve capital structure. The ADRs, each of which is equal to five B shares, will start trading under the "ABGB" ticker symbol on Nasdaq.
At present, Abengio operates 1,223 MW of concentrated solar power (CSP) capacity and is building 430 MW more.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.