El Corte Inglés transmits to the Qatari investor 10% of its capital

The operation, that the entrepreneur has materialized through the intermediary of the company Primefin, therefore results from the repayment of the loan for an amount of 1 000 million euros granted there three years.

According to the contract signed at the time, Sheikh Hamad bin Jbadim bin Jaber Al Thani could take more than 10% of El Corte Inglés after three years, a deadline that was fulfilled in July

The Qatari businessman, who also had an optional right on 2.25% of the company's capital, waived this percentage, which was badigned to the treasury of El Corte Inglés, according to sources of the entity.

With all this, El Corte Inglés paid, by delivery of shares equivalent to 0.75% of the capital, the third and last term of interest corresponding to the aforementioned loan, which was canceled today.

Similarly, the entrepreneur could even reach a percentage higher than the one mentioned in the company, which could be of the order of 1%, depending on the gross operating result (ebitda) and its objectives and results.

10% stake, Qatari businessman becomes one of the first shareholders of the group, behind the Ramón Areces Foundation, which holds 37.39%, and the IASA , which includes 22.18% and of which She is controlled by sisters Marta and Cristina Álvarez

Furthermore, with this operation, the Qatari investor supports the projects of El Corte Inglés after supporting Nuño de la Rosa as the new president of the distribution giant to replace Dimas Gimeno.

Sheikh Hamad bin Jbadim Bin Jabor Al Thani was the Prime Minister and Foreign Minister of Qatar and has conducted major financial operations in entities such as Deutsche Bank or KBL Luxembourg Bank.

El Corte Inglés is currently working on a bond issue for an amount of 1,000 million euros that could take place in the fall, once the company has obtained the credit rating of Three main agencies: Moody's, Standard & Poor's and Fitch, as indicated by informed sources

The debt issue, which the company had planned to achieve after the Summer, will be carried out on the Spanish market.