The business of the El Pajar cement plant, in the south of Gran Canaria, is involved in a judicial process because tourism companies are demanding compliance with what the 1972 norm provides: expiration at 50 years. That period has expired but now the lawyers are faced with the fact that the political power has agreed with the Asturian group that owns the management, Masaveu.
Most of the business is generated in El Pajar in an industry that has little land of its own as it is concessions. But there is a figure: 170 million is the minimum valuation of the Asturian-Brazilian group. Votorantim already has a valuation of all of Ceisa's assets: 85 million euros for 50% of the company linked to the Asinca employer association and which has incentives such as the AIEM, the RIC or transport aid, which generates 3 million each year. of euros and that guarantees free transportation of raw materials to produce cement.
Precisely, anchoring in the AIEM is one of the conditions of the parties to negotiate an increase in Votorantim's weight in the group's decision-making in the islands in view of the interests it has in Tenerife and, with this, close the circle. The Brazilian group values all of Ceisa at just over 170 million euros.
Ceisa has a share capital of 1,2 million euros and reserves worth 36,4 million euros, distributing dividends of up to 6 million euros. In 2020, the rest of Ceisa's net worth was 2,1 million euros, but in 2021 that figure has risen to 168.761 euros. The company's operating result was 10,3 million euros and the net results were 8,3 million euros.
