Spanish construction and services group ACS is to carry out a share issue with which it will instrument the remuneration in shares to shareholders who choose this option, the company said late Monday in a statement to the Spanish regulator CNMV.

This is the second execution of the capital increase under the flexible dividend program, which allows shareholders to decide whether they want to receive the dividend in cash or in shares.

The maximum market value of this second tranche -- in the hypothetical case that no shareholder opts to receive the dividend in cash -- is 130 million euros, according to the group, which will carry out a parallel capital reduction for the same amount as that issued in the increase. This figure is equivalent to 1.16% of ACS's share capital.

ACS shareholders will receive one free allotment right for each ACS share they own, and will be able to sell these rights (on the market or to the company) to monetize them or receive new shares in exchange for them.

The approximate value of each free allotment right is 0.459 euros and this will also be the approximate price of ACS's purchase commitment.

The rights will be traded between January 19 and February 2 and the cash payment will be made on February 6.

(Information by Tomás Cobos; edited in Spanish by Benjamín Mejías Valencia)