Andorra pension reserve fund offers 140 Semtee (Caldea) shares for sale

The pension reserve fund (FRJ) has put 140 shares of Caldea’s operating company Semtee up for sale, representing 0.005% of the total assets it manages. The shares were transferred to the FRJ by the CASS in 2015 when the fund was created.

The fund said the decision to dispose of the stake was for "purely technical reasons" related to alignment with the FRJ’s investment strategy and requirements for holdings in unlisted companies. An edict published in the BOPA opened the sale process with a minimum price of €1,500 per share.

Interested buyers must complete a form stating how many shares they wish to buy and the price offered (not below €1,500). Offers may be for the full block or for part of it. The completed form must be submitted to the fund’s offices at the CASS by mail or in person by 17:00 on 30 January. Public opening of offers will take place by telematic session on 2 February at 10:00. If demand exceeds the 140 shares on sale, bids offering higher prices will be allocated first and, where necessary, a pro rata allocation will be applied among bids at the same price.

Caldea has about 49,000 shares outstanding. At last summer’s annual meeting, the company approved a dividend distribution of around €810,000, equivalent to 45% of the termoludic’s 2024 profits, which translated to €16.50 per share. The FRJ’s 140 shares generated €2,310 in dividend income.

At the end of November the FRJ managed assets totalling €1,947 million. Its investment portfolio was allocated 61.9% to fixed income and cash, 29.6% to equities, and 8.5% to other assets. Legal limits require prudential distribution of the fund’s assets: equity exposure cannot exceed 35% of managed volume and fixed income must be at least 45%. The fund’s stated investment principles are responsibility, transparency, liquidity, safety, efficiency and diversification.