Name change, listing on tap for Cecsa
EmptyMADRID -- Cecsa, Spanish new technology powerhouse Avanzit's film and TV holding, has changed its name to Vertice 360º and could launch on the stock market in the coming weeks, the company announced Thursday.
Vertice 360º informed Spain's CNMV stock authorities of its name change and must now request approval for a market listing, according to a company spokeswoman.
The holding's parent company, Avanzit, will hold an extraordinary shareholders' meeting July 3 to approve the details of the market debut.
This year, Avanzit divvied up 15% of its media subsidiary among its shareholders in preparation for the public listing effectively increasing the holding's value, estimated at 6% of Avanzit's overall worth, making it equal to some €1.4 billion ($1.9 billion).
Avanzit owns 55% of Vertice 360º, with the remainder of the company's worth held by the former owners of film and TV production house Notro Films and mainstream film distributor Manga Films, both of which Avanzit has acquired in its campaign to go public.
Avanzit, which also owns production house Telespan 2000, has made no secret of its ambitions of becoming Spain's leading media group.
Cesca posted revenue of €65 million ($87.1 million) last year. Earlier this year, Avanzit CEO Julio Lopez-Castano said he expects the company to show €600 million ($803.6 million) in annual revenue and that the company will be listed when it hits about €300 million ($401.8 million) annually.