OHLA - comment

If the agreement to sell CHUM is completed, it will be a welcome cash boost for OHLA, but we have been here before. On its own, CHUM isn’t enough; OHLA will still need to sell Canalejas and the Service business in 2024 or raise equity. OHLA has been very slow in executing the promised asset sales, and bondholders have appointed PJT as an advisor. An alternative could be to present this sale and demonstrate progress on the other disposals as part of getting an extension of the €200m March 2025 maturity. OHLA is also trying to get the banks to release all or part of €140m in cash, held as collateral for guarantees. We do not expect this to happen before all the asset sales are completed or the €150m equity raise is confirmed.

The sale price for the CHUM stake is €55m (above our €50m estimate) and is expected to close in Q4. 

https://ohla-group.com/en/inside-information-notice-about-chum-divestment/

https://www.elperiodico.com/es/economia/20240605/ohla-vende-kkr-hospital-montreal-103365299