The operation involves the transfer of 7.1 million shares or 22% of SFL’s stock belonging to QIA to Colonial to compensate QIA’s subscription of 53.5 million shares from Colonial. In addition there will be a swap of 400.000 shares from SFL belonging to QIA for 3 million of Colonial’s own stock which will be kept by the company and lastly the trade of 2.8 million shares from SFL for which Colonial will pay 203 million euro in cash to QIA.
The second resolution approved by the shareholders allows Colonial to make a capital increase by issuing 53.5 million new ordinary shares which will be paid as non-cash contributions. These new shares which will represent 11.12% of the company’s stock after the operation, will be subscribed by QIA, who will pay 7.1 million shares from SFL in exchange, as the first payment for the acquisition of 22% of SFL’s shares belonging to QIA from Colonial.
As a consequence of these operations, Qatar Investment Authority (QIA) increases its share in Colonial to 20%, becoming its major shareholder, followed by Grupo Finaccess, with 16% and Aquila, with 8%.