A report released by the Comissão do Mercado de Valores Mobiliários (CMVM) detailed the results of a transaction involving the sale of 1,214,870 shares, equivalent to the entire offering, for 82,611.16 euros, or 0.068 euros per share, following 23 orders.
The initial public offering involved 1,214,870 book-entry shares with a nominal value of 5 euros each, representing 5% of Medway’s share capital, as per the capital increase approved at Medway’s General Shareholders’ Meeting on July 29, 2021.
Medway conducted the IPO for 5% of its share capital between September 10 and October 7, with a set price of 0.068 euros per share. The announcement was made on September 9.
Eligible participants were employees with over three years of service at Medway.
Shares acquired by Medway employees through this operation allow the right to dividends, participation in company resolutions with one vote per 100 shares held, among other rights.
On December 14, 2023, the Government approved in the Council of Ministers the terms for selling 5% of Medway’s share capital to employees, completing the company’s divestiture and enabling a partnership with Spain’s Renfe. This partnership will include Medway in the future Renfe Mercancias freight railway operations.
A statement regarding the sale noted, “The completion of the Medway divestiture enables the company’s participation in an Iberian freight railway transport initiative, avoiding delays that could harm the country.”
Medway has been under the ownership of MSC Rail, a subsidiary of the global Swiss giant Mediterranean Shipping Company (MSC), since the 2016 privatization process. It is Portugal’s largest freight rail operator, commanding approximately 90% of the market share.
