The regulator had suspended the actions on Tuesday morning, after the interview given by the president of FC Porto, Jorge Nuno Pinto da Costa, to the television station “SIC”.
The Securities Market Commission (CMVM) lifted the suspension of FC Porto SAD shares. The regulator had suspended the actions on Tuesday morning after the interview given by the president of FC Porto, Jorge Nuno Pinto da Costa, to the television station “SIC” in which he revealed that, in June, the club will receive 70 million of euros from the business naming of the Estádio do Dragão.
“The Board of Directors of the Securities Market Commission (CMVM) determined on 03/Apr/2024 at 09:15 (UTC), in accordance with article 214 and paragraph b) of paragraph 2 of article 213 of the Securities Code, the lifting of the suspension of trading in Futebol Clube do Porto – Futebol, SAD shares, following the disclosure of relevant information to the market”, can be read in the statement.
Pinto da Costa also discussed, during the interview, the connection with Quadrantis, ensuring that the club is not hostage to this investment fund.
“Of course. It’s an absurd. FC Porto needs a loan, it benefits from the interest payments it is paying and am I going to be suspicious of whoever helps me? If the fund wants to lend more money, there is no shortage of people,” he said. “I don’t know if it was Quadrantis or not. But that’s up to Quadrantis or anyone. Portuguese banks closed the tap to FC Porto, but we work with foreigners”, he said.
On Tuesday morning and after the suspension of securities trading, FC Porto’s SAD released a statement, “following the interview with its president”, stating that “it hopes to definitively close the contract with a reputable international company, with recognized experience in optimizing commercial revenues related to major sports equipment, until June 30, 2024”, which will result in the realization of a “minority stake in one of the companies with the commercial rights of the FC Porto group, through the injection of capital by a an estimated amount of between 60 and 70 million euros, as previously communicated to the market”.
Thus, FC Porto SAD’s equity will be increased by the same amount.
It also added that it is in negotiations to reformulate its medium and long-term debt in a value of 250 million euros “at a competitive interest rate in market terms”.
Even so, trading in FC Porto SAD bonds continued without being resumed until the end of the market session, having only been lifted on Wednesday morning.
