Fino to buy back shares in Cimpor – report

Fino to buy back shares in Cimpor – report
Published: 29 July 2010

Portuguese entrepreneur Manuel Fino wants to buy back his shareholding in home cement producer Cimpor in the following year and half.

The investor expressed this intention to local business daily Jornal de Negocios as reported today.

In February 2009, Fino sold 9.6% in Cimpor to Portugal’s state-owned bank Caixa Geral de Depositos (CGD) in order to reinforce the financial positions of his investment vehicle Investifino. At that time, an agreement as regards the possible buyback within a three-year period was signed. The option expires in February 2012.

The entrepreneur could buy back the sold amount at EUR 4.75 a share, plus a premium of between 6% and 8% a year, Jornal de Negocios calculated.

Fino presently holds 10.7% in Cimpor.