Grupo Catalana Occidente SA has signed a liquidity contract with GVC Gaesco Beka Sociedad de Valores SA to improve the liquidity and the regularity of the Spanish insurer's shares.
Under the deal, Grupo Catalana Occidente will deposit 25,078 shares and €800,000 with the financial intermediary through subsidiary Sociedad de Gestión Catalana Occidente SA.
The contract will be valid for one year, beginning Jan. 10.
A liquidity contract involves the issuer placing a certain amount of its shares or a certain sum at the disposal of the financial intermediary so that the latter is able to carry out purchase and sale operations on the spot market on the issuer's behalf, on shares issued by itself.
The transactions to be carried out on behalf of the issuer aim at increasing the liquidity of the shares in the market.