The Basque Government has decided to increase its participation in the share capital of the railway company CAF considering it “strategic” and “tractor” of the Basque economy. Through the Finkatuz fund, it has invested 17 million euros to hold 3% of its shares when until now it had 1.24%.
The Basque Executive reported yesterday on this operation for which it has acquired 602,552 shares at a price of 28.30 euros each, which represents 1.76% of the share capital. As he pointed out, his objective is to strengthen the roots of the Beasain-based firm in the territory through Finkatuz, the investment fund created for this purpose.
This operation reinforces the presence of the Basque Government, which previously held 1.24% of CAF’s capital
In this way, it contributes to the development of a company that it qualifies as “of special interest” for the Basque economy.. Previously, in 2017, the Finkatuz fund acquired 425,870 shares of CAF, 1.24% of the company, in what constituted the first operation of this tool created by the Basque Government with the aim of reinforcing its industrial and financial policy, as it stated when announcing this initiative.
Finkatuz, managed by the Basque Institute of Finance, has a budget of 300 million euros that will be used for “the acquisition, disposal and management of long-term financial holdings in large companies in the Basque Country to ensure that they maintain their roots here and exercise a tractor character on the whole of the Basque productive fabric”, as it appears in its origins.
In addition to the first acquisition of CAF shares, which has now been extended, Finkatuz has invested 6.6 million euros in the share capital of Kaiku to reach a presence of 7.31% of the Basque agri-food cooperative.