• Markets. Ibex suffers its biggest drop in two years
  • Analysis: OHL in the shadow of Villar Mir: between sunset and survival

OHL's actions are suffering a painful high on Thursday on the upward trajectory they have been drawing since the beginning of the year. The titles fit a fall of around 12% in the middle of the session, to be below 1 euro, after knowing that the company has lost a resource that allows the Government of Qatar to claim 1,134 million euros to the consortium that formed with the Egyptian Orascom to build a hospital.

According to Expansión, the Justice of London has rejected the appeal of the Spanish construction company and its partner Orascom on the legal termination of the Sidra Hospital contract. The company has been facing Qatar since 2014 for the early termination of this contract.

OHL filed an appeal against a partial award that recognized the Qatar Foundation the termination of the contract and enabled it to claim both companies a lump sum of 1,134 million euros. The Spanish company owns 55% of the construction consortium, so it would have to assume the payment of about 700 million euros.

However, as they clarify from the Spanish company, there is still "no economic condemnation, neither for nor against" and the figure that they have to assume in any case will be determined by an arbitration process that will be defined by successive partial awards.

In this way, the next step that the parties involved will take will be "to discuss and justify their respective economic claims within the arbitration", as specified in the statement issued by OHL.

The economic total sought by the joint venture formed by OHL and Orascom amounts to 348 million euros and the one sought by the Qatar Foundation, to 1,134 million euros. Of the 348 million euros, the alliance has already been recognized by the arbitral tribunal, "and they are therefore undisputed amounts," the 210 million euros of the guarantees guaranteed and 43 million euros modified overcoming executed and unpaid. "Of the 1,134 million euros sought by the Qatar Foundation to this date there is no recognized amount," they add.

The Spanish firm highlights its astonishment at the amount claimed from Qatar. "It highlights as especially relevant and surprising the 869 million euros intended as extra costs of completion of 5% pending a work of 1,875 million euros budget. That is, that Qatar Foundation intends to obtain for that 5% (93.75 million euros in contract prices) an amount (869 million euros) equivalent to approximately 50% of the budget for the entire work (937.5 million euros), "notes the note.

Waiting to know the next steps, investors are now turning their backs on value after a year marked in green in their price. The company is thus replenished of a 2018 in which it was severely punished in the markets after being forced to review its accounts and recognize losses greater than those initially reported.

The company faced a change of direction and developed a new strategic plan that, at the moment, seems to help it recover some of the lost confidence in the markets. With the fall of this Thursday, its shares reach a value of 0.91 euros, which raises the capitalization of the company to around 260 million euros.

Pick up in the bags

OHL is the red lantern of the continuous market in today's session, although all eyes were on from the first hour on the Ibex 35 . The main selective of the Spanish Stock Exchange suffered a fall of 2.77%, the highest in the last two years, due to the impact of international instability in the mood of the markets.

Fears of a greater and faster economic slowdown hit the squares around the world, from the US to Asia, with special emphasis on Europe, where indices such as London or Frankfurt were left more than 3%.

The bad macroeconomic data published in recent days, the difficulties in negotiating Brexit between the United Kingdom and Brussels and the first measures of what could be a new trade war between the US and the EU were too negative a combination for global equities .

The black day on the stock exchanges, however, contrasted with the rebound in gold , whose price is set at 1,500 euros per ounce these days, or the recovery of bitcoin , which is once again above 8,000 green notes.

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