Most investors want their holdings to rise in value. In the case of Realia Business, a Spanish property developer, that is not the case. Its controlling shareholder, Mexican billionaire Carlos Slim, seems to be happy to allow its share price to fall.
Slim controls over half of Realia through his Mexican investment vehicle Inversora Carso and his ownership of Spanish construction firm FCC. And he has previously made efforts to own more of Realia.
Late last week Realia’s board agreed a discounted rights issue at a price over a third below its net asset value. That looks very odd.
