Tue. Apr 23rd, 2019

OHL claims an expired loan of 35 million from Villar Mir in the courts - La Provincia

OHL claims an expired loan of 35 million from Villar Mir in the courts - La Provincia


OHL claims toVillar Mir Group, its controlling shareholder, in the courts a loan from35.22 million euroswhich is part of the credits of 119 million euros that the construction company has granted to the corporation and which are currently "due and payable".

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"The company has initiated a judicial claim for the credit of 35.22 million euros," the construction company assures in its annual report for 2018.

It is a loan that OHL granted to Pacadar,Villar Mir Group company dedicated to construction and assembly of prestressed reinforced concrete prefabricated, which accrues an annual interest of 5%.

The loan was initially granted by OHL Concesiones, although it was later acquired by the OHL group when it sold concessions last year.

The construction company has granted another loan to its reference shareholder, in this case 83.87 million, which is also related to Pacadar, and was also signed at 5%.

In his audit report on the annual report of OHL, Deloitte indicates that the construction company, after having carried out an analysis of these loans, sees feasible to recover them "given the disinvestment plan that the debtor has in place", that is, the Villar group Mir.

The judicial claim for part of the amount that Villar Mir owes him takes place after the corporation owned by Juan Miguel Villar Miris analyzing the eventual sale of the 34.6% stake they hold in OHL.

In fact, he recently reported that he has hired Société Générale to "evaluate" all the possible offers he receives for this participation, on which he acknowledged having received a preliminary interest sample.

It is not the first time that Villar Mirrecognizes having samples of interest by OHL.In September 2017, he confirmed the receipt of China State Construction Engineering Corporation (CSCE), one of the largest construction groups in the world, in that case to take a share of the Spanish firm, which ultimately did not prosper.

The Villar Mir Group still controlled the construction company at that time, given that it had just over 50% of its capital, compared to 34.6% currently held.

The participation of the Villar Mir in OHL fell for the first time from the level of 50% in June 2018, when it sold 12.2% of the construction company in the framework of the debt restructuring of the family corporation.

Auditor's doubts

In his audit report, Deloitte warns thatOHL could face possible difficultiesto meet its future financial obligations in the event that it registered "deviations" with respect to the objectives set in the business plan it is currently addressing in order to achieve "significant improvements in the profitability of the projects, increase its work portfolio and optimization of working capital ".

The auditor also notes that the construction company has not made any provision in the dispute over the construction of the Sidra hospital in Qatar.

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