The shares of Ence Energía y Celulosa plummet in the Stock Market by 26.07%, after hearing the ruling of the National Court that annuls the extension of the concession of its Pontevedra factory, authorized by the Acting Government of Mariano Rajoy in 2016 Since the sentence was made public last Friday, the titles of the pastry have fallen by 26.07%. Only this Monday, the fall has been 16.36%. Its market value has fallen to € 2.45 per share, the lowest levels since November last year.
Ence in Pontevedra: bad smells, social protest and a city council that declared its citizen Mariano Rajoy non grato
The contentious-administrative chamber of the National Court estimated the resources that Greenpeace and the Pontevedra City Council presented against the resolutions of the central Administration by which it was agreed, for a period of 60 years, to extend the Ence concession. Specifically, the extension, granted by the Government of the popular Mariano Rajoy, was for the occupation of an area of 373,524 square meters of public land maritime domain destined for this Kraft cellulose pulp factory in the strip between Pontevedra and Marín, in the lands of Lourizán. That decision was taken with the government in office and allowed Ence to continue operating on the coastline until 2073.
Ence Energía y Celulosa announced its decision to appeal the ruling of the National Court before the Supreme Court, in defense of the legality of the extension of the concession of its Pontevedra factory. The paper group pointed out that “out of absolute respect for the decisions of justice”, it revealed “its disagreement” with this decision of the court. Thus, the group has insisted that it will exhaust all possible legal channels in defense of its interests and reiterates the validity of the extension of this concession: “More than 5,100 families in Galicia depend on it directly and indirectly.” The union figures for 2015 referred to 270 workers in the factory and 96 in the central offices, against the 800 direct and indirect jobs in Pontevedra, Marín and Poio that Ence claims to generate.