The construction of the Metro do Porto network, in particular the first phase, was financed using bank loans.
A source from the company explains that, “despite the large ongoing investment projects already benefiting from non-refundable financing, the truth is that the historical debt had a negative impact on the accounts through the interest charged and with consequences on the negative net worth, in non-compliance with the Commercial Companies Code”.
Over the years, the State, through the General Directorate of the Treasury, has injected money to pay debt service. In other words, he no longer owed the Bank to owed the General Directorate of Treasury.
However, maintaining this debt put the company’s access to community funds into question due to “non-compliance with the ratios provided for in European Union regulation no. 651/2014”.
Debt cleaning was done through two capital increases, as reported this Thursday by Jornal de Negócios. This change has already been formalized through unanimous written corporate resolutions by all shareholders. Thus, the State held 99.9%, the Porto Metropolitan Area held 0.07% and STCP held 0.03%.
Metro’s administration has seven members: a president, Tiago Braga, who is chosen in agreement between the mayors and the Government. Two executed administrators appointed by the State and two non-executives, in this case the mayors Marco Martins and Silva Tiago, appointed by the Porto Metropolitan Area. STCP appoints a non-executive member, who is currently president Cristina Pimentel.
