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Metrovacesa Increases its Cash Balance to Almost €300 Million

The property developer has increased its cash position to almost €300 million to deal with the "high degree of uncertainty" caused by the Covid-19 crisis.

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The property developer Metrovacesa has increased its cash position to almost €300 million to deal with the “high degree of uncertainty” that is weighing down on the economy and the real estate sector due to the Covid-19 crisis, as explained by the firm’s CEO, Jorge Pérez de Leza.

The company has agreed to delay the decision on its dividend payment until the second half of the year, in order to make a more accurate assessment of the situation. Before Covid-19, its intention was to pay at least €70 million to its shareholders in May, compared to the €50 million it paid in 2019. However, the firm is continuing with the share repurchase program of up to €50 million that it started in January 2020.

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