MADRID May 28 Testa, the real estate
holding company of Spanish builder Sacyr, said on
Wednesday that it was looking to increase its free-float and
would seek shareholder approval at a meeting in June to raise
The company, which is currently 99.5 percent owned by Sacyr,
said it had hired JPMorgan and Morgan Stanley to
advise it on a potential capital raising.
Testa had previously disclosed it was studying a capital
hike of up to 800 million euros ($1.1 billion) to bring in new
investors, in an operation that would also involve a special
dividend, the bulk of which would go to its main investor.
The full structure or size of the capital issue had not been
agreed on yet, Testa said.
($1 = 0.7345 euros)
(Reporting by Carlos Ruano, Writing by Sarah White; Editing by