There is another listed company about to leave the Lisbon stock exchange. The Azevedo family, which controls more than 92% of Sonae Indústria’s voting rights, obtained approval at the general meeting (AG) of shareholders to proceed with the company’s request for loss of quality as a public company. For the process to be completed, the request must be sent to the CMVM and approval by the regulator.
“The loss of Sonae Indústria, SGPS, SA’s status as a public company was approved”, states a statement sent to the Portuguese Securities Market Commission (CMVM), this Monday, June 28th. According to what had already been communicated when the GA was called, Efanor proposes to buy, within three months after the CMVM’s approval of the loss of public company status, the shares belonging to shareholders who do not vote in favor deliberation at the general meeting.
The consideration to be applied in the purchase of shares that are still in the hands of other investors and that express a willingness to sell to Efanor will be the same offered in the capital increase and in the OPA, in the amount of 1.14 euros per share. If investors want to keep their shares they can do so, however they will have to continue to bear costs, such as the custody of securities, and their trading may be more difficult, as they will have to be carried out outside the market.
The Azevedo family now holds, directly and indirectly, 92.26% of the voting rights associated with the share capital of Sonae Indústria, last May, following the capital increase carried out by the company and after the family failed to reach the sufficient voting rights to request the delisting from the stock exchange under the takeover bid (OPA) launched on the company last year.
This will be the second company in the Sonae universe to go public in less than 12 months, after the exclusion of Sonae Capital last November, after Efanor took control of 92.302% of the share capital and 93.5% of the rights of the tourism company, following the takeover bid concluded in October 2020.
If the CMVM gives the green light to the delisting of Sonae Indústria, the Lisbon stock exchange will have only 37 listed, continuing the downward trend in the national market, which has intensified in recent years. Since the 2008 financial crisis, Lisbon’s market has lost several important companies. Companies such as Brisa, Cimpor, BPI, BES Group’s listed companies or Banif are no longer listed on the stock exchange, without these exits being offset by the entry of new listed companies.
In addition to delisting from the stock exchange, Sonae Indústria also elected the new governing bodies, with the administration being composed of Paulo Azevedo, Cláudia Azevedo, Ângelo Paupério, Carlos Moreira da Silva and Isabel Simões de Barros.