The real estate company Montebalito will submit a €6 million capital increase to an extraordinary shareholders' meeting for approval, with the aim of offsetting its outstanding debt to Marina Élite. This debt stems from the previous acquisition of thirteen urban development plots in the Gran Canaria municipality of Mogán for approximately €10 million.
Marina Élite, based in the Canary Islands and owner of a hotel complex of the same name, is part of the business holding controlled by José Alberto Barreras (Grupo Meridional), who in turn acts as the controlling shareholder of the real estate company itself.
According to the official communication sent to the National Securities Market Commission (CNMV), the operation consists of the capitalization of the outstanding credit to extinguish the 6 million euros of debt through the delivery of shares of the company.
The board of directors of Montebalito has welcomed the proposal, setting an exchange price of €2 per share, slightly higher than the current market price of €1,96. The capital increase represents approximately 10% of the company's share capital, a percentage the board considers to have a moderate impact on the shareholding structure.
The execution of this financial transaction pursues a dual strategic objective for the listed company. On the one hand, the company significantly reduces its short- and medium-term debt level without requiring extraordinary cash outflows. On the other hand, preserving available cash resources will allow the company to channel liquidity directly towards the promotion and urban development of the land acquired on the Mogán coast.
