High Tech does not go public, at least for the moment. This has been granted by the Board of Directors of the hotel chain, which had planned to debut on the parquet floor before the end of the year, according to Cincodias.com. The company was waiting for the approval of the National Securities Market Commission (CNMV) to its exit brochure and would have been the eighth value to debut on the Stock Exchange this 2007.
The unfavorable current economic situation, given the volatility of the international stock markets, is one of the reasons that has led High Tech to paralyze the plans. In addition, its managers have taken into account the discrepancies in the company’s valuation in international markets, since, as they explained, “there was a big difference between the national price and the international price, which made it impossible at the same time to achieve the desired price. by the team and the shareholders, and a diversified and international shareholder base “.
High Tech, whose main shareholders are Dinamia and nás1, said in a statement that “the confluence of these circumstances has joined the fight against the calendar marked by the Law, to meet the expiration limit of the period of time they are valid audits of their results accounts “.
On the other hand, High Tech has decided to take advantage of the momentum of this project and is willing to reach strategic agreements with some of the financial companies “that have shown great interest in developing the business plan with the hotel chain, through participation in its shareholding. ”
He points out that these incorporations in “their shareholder nucleus would give an important impetus in the global project of the company and will provide a great added value at the time that the IPO is considered again at the end of next year”.
High Tech would have become the eighth company to debut on the parquet floor before the end of the year. Providing liquidity to the selling shareholders, amortizing debt as well as increasing capital to raise the financial capacity to grow and improve visibility and access to capital markets were some of the objectives pursued by the company with its leap to equities.