Cepsa delays its stock market listing
15 Oct 2018
- Recent international economic developments have created uncertainty in international capital markets
Mubadala has decided to delay the public offer for the sale of shares in progress, aimed at institutional investors and employees, as they consider that the instability suffered by the markets affects the valuation of the company. This decision has been communicated today to the National Securities Market Commission (CNMV) as a significant information.
Musabbeh Al Kaabi, the Chief Executive Officer of Mubadala’s Petroleum & Petrochemicals platform and a member of the Mubadala Investment Committee, has commented: “Cepsa is a world-class energy company. It has been and continues to be a significant and valuable part of the Mubadala portfolio and a national industrial champion for Spain. Even though recent market conditions deteriorated significantly, the feedback from potential investors reinforced our view of Cepsa’s value and the strengths of the underlying business. As a long-term investor, we will consider returning to the market when we believe conditions are favourable.”
The process of presentations to analysts and potential investors, in the current unfavorable conditions of the market, has reinforced Mubadala’s perception of Cepsa's value, the solidity of its strategic Plan 2030, its outstanding position of leadership in the market and its growth potential.
The most recent international economic developments have sowed considerable uncertainty in international capital markets. In this scenario, the appetite of international investors has retracted significantly, along with their willingness to participate in stock market listings such as the one being carried out by Cepsa.