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The Consultative Board of Privatizations submits to SEPI the favorable reports for the sale of the assets owned by IZAR in Gijón, Seville and Sestao

Press release SEPI / Izar

The Consultative Board of Privatizations (CCP) has submitted today to the state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI) the mandatory reports regarding the sale of the production facilities of Gijón, Seville and Sestao owned by the shipbuilding company IZAR Construcciones Navales en Liquidación, which is being liquidated. Those reports arrive to the conclusion that in the processes for the divestment of those centers´ assets, as well as in the concrete award proposal, the requirements of publicity, transparency and free concurrence have been met.

Once the CCP has delivered its opinion about the sale processes, as it is required to do, the next step will be to submit the above mentioned transactions to the authorization of the Council of Ministers. Afterwards, the sale will be completed through the conversion of the private sale contracts to public deed, which will make possible the entry of new activity into each of the production facilities.

Between the first days of August and of September the corresponding private sale contracts were signed between IZAR and Factoría Juliana, S.A., Astilleros de Sevilla, S.A. and Construcciones Navales del Norte, S.A., those being conditional to wining the above mentioned authorization.

SEPI´s Board of Directors agreed, on the meeting which took place on July 18th, 2006 to authorize IZAR´s Liquidation Commission to award, on the same day, the assets of the facilities of Sestao, Gijón and of Seville, to the Buyers whose bids had received the best assessments of the independent Assessor for the sales process, from among the 8 valid binding offers which were submitted on February 10th, 2006.

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