The Portuguese State now holds 99.9% of Metro do Porto, leading the seven municipalities served by the company and STCP to dilute its position to 0.1%, within the scope of an operation that involved the conversion of debt to the Directorate- General Treasury and Finance (DGTF) in capital, reveals this Thursday’s edition of “Jornal de Negócios”.
An official source from Metro do Porto indicated that the Porto Metropolitan Area will continue to have representation on the company’s board of directors.
At stake were two capital increases at Metro do Porto. In the first, the company’s capital was increased by almost 224 million euros and rose to 232.4 million euros.
According to data from the Ministry of Justice’s publications portal, this operation was carried out in three tranches (of 179, 10 and 35 million euros), between the end of December 2023 and the beginning of January 2024 (the three have been published on that portal since January 9).
A second stage, according to “Negócios”, involved a capital increase of 3.84 billion euros, followed by a capital reduction to cover losses worth 3.58 billion euros, reducing the value of the shares from Metro do Porto. This operation, however, has not yet been published and detailed on the Ministry of Justice portal.
The newspaper indicates that the financial restructuring, despite being mostly completed this year, has already had an effect on Metro do Porto’s 2023 accounts, allowing a reduction in liabilities of more than 94%.
