I-Sniace imililo eyi-150%, ngaba iyenzeka into ekhethekileyo?

Ukhuseleko lukaSniace luye lwadweliswa kwiimarike zesitokhwe kwakhona, kunye nokuhamba kwangaphambili kunqabile ukubonwa kwizabelo zaseSpain. Izabelo zalo zixabisile kungekho ngaphantsi kwe-150%, Ukuya kwiintsuku ezimbalwa ukusuka kwi-0,18 ye-euro apho babebhalwe khona ngaphambi kokuba urhwebo lwabo lurhoxiswe, kwii-euro ezingama-0,60 ezithi ziphawulwe ngoku kwiimarike. Ngayiphi na imeko, iKhomishini yeSizwe yoKhuseleko kwiMarike (i-CNMV) ilumkisa malunga neengozi ezinobuzaza ezenziwa ngabatyali zimali abancinci nabaphakathi ukuba bakhetha eli xabiso ukuba bathathe izikhundla kwimarike yemasheya.

Ayifanele ilibale ukuba iintshukumo zeqela leekhemikhali zeshishini, ezikhethekileyo kwimveliso yeselulosi kunye namandla, bayeka ukurhweba kwimarike yesizwe equity ngo-2013, kwaye njengesiphumo seengxaki zemali ezinkulu ezichaphazele iiakhawunti zabo zeshishini. Uluvo olwamanyeneyo ngeli xesha kwicala labahlalutyi bezemali kukuba abanakudweliswa kwakhona, kwaye ngapha koko balatha kwimpazamo yenkampani.

Ukujongana nale meko ingaphaya kokuxhalabisa, abatyali mali abathathe izikhundla kwisitokhwe babengenandlela yimbi ngaphandle kokuthatha impazamo yabo, kwaye bazimisele ukuphulukana nayo yonke iminikelo abayenzileyo kwinkampani. Okanye ukusilela oko, ngenxa yethemba elininzi, linda de kube lusuku olunye ukhuseleko lwabo luya kuthengiswa kwakhona kwimarike yemasheya yaseMadrid. Ewe, ngokuchanekileyo le yokugqibela yenzekile kwiiveki ezimbalwa ezidlulileyo, kunye novuyo (kunye nethemba) labanini zabelo baseSniace.

Ukuphela kokumiswa kwakho ukucaphula

Kuba, eqinisweni, izabelo zenkampani yemichiza zibuyele emarikeni emva kokuba iKhomishini yeSizwe yoKhuseleko kwiMarike igunyazise ukuphakanyiswa kokukhuselwa kokuthengiswa kokhuseleko lwenkampani kwiStock Market, iphelile ukumiswa okwaqala ngoSeptemba 9, 2013. Phantse iminyaka emithathu apho ingadweliswanga kwiimarike ze-equity, kwaye ke, abatyali mali abakwazanga ukwenza nantoni na, bengathengisi nezabelo zabo ngelahleko.

Nangona kunjalo, esi sigqibo sequmrhu elilawulayo kutyalo-mali sinike isilumkiso kwimeko ekhethekileyo inkampani ezifumana ikuyo. Kwaye ukuba izihloko zeSniace zidweliswe kwakhona emva konyaka ophelileyo uwushiyile umsebenzi wakhe. Kwaye ngoku iceba ukukhuthaza ukwanda kwemali ukugcina ukusebenza kwayo kumgca weshishini, kwaye ngale ndlela, ukufumana inkxaso-mali yokuphucula ishishini.

Phakathi kwezinto ezinobunzima kwimodeli yeshishini, ukusilela ekufumaneni imali eyimfuneko yokusebenza kweqela kunye nokusilela ekufezekiseni izivumelwano kunye nabanye ababolekisi ngohlengahlengiso lwetyala lokugqalwa njengophawu lwetyala. Ukusuka kule meko inzima, baninzi abatyali mali abanokuhendeka ukuba bathathe izikhundla kwisitokhwe, nangaphezulu emva kokuba bekhululwe. ngokunyuka okungekho ngaphantsi kwamanani amathathu.

Ngaba lixesha lokuthenga uSniace?

Rhoqo unokufumana iinkampani ezidwelisiweyo ezibhalisa ukuhlaziywa kwe-50%, i-75%, i-100%, kwaye ingaphantsi kwe-150% kwiintsuku nje ezimbalwa, njengakule meko. Ezi ziimeko ezizodwa ngokwenene, ezingafane zenzeke kwiimarike zezemali. Kwaye impendulo yokuqala yabatyali zimali kukuthengisa inkampani, kwaye kuvavanye njengomntu onokuthi abe ngumgqatswa ukuze enze ipotifoliyo yakho yotyalo-mali. Kodwa sisigqibo esinobungozi kakhulu, esinokuthwala iingozi ezininzi kwikomkhulu lotyalo-mali.

Ukujongana nokunyuka okunje, ngekhe kumangalise ukuba kwiiseshoni ezizayo zokurhweba, amaxabiso ezokhuseleko abo aya kulungisa oku kunyuka ngamandla afanayo, okanye ubuncinci benxalenye yawo. Ayothusi into yokuba sele ifikelele nakwezinye amanqanaba agqithisileyo agqithisileyo. Oku kuthetha ukuba ngesiqhelo intshukumo esezantsi kuya kufuneka iphuhlise ukulungelelanisa unikezelo kunye neemfuno zokhuseleko lwakho.

Kuyinyani ukuba ingaqhubeka inika isimanga, kodwa umngcipheko ongene kwisivumelwano ngokuqinisekileyo uphezulu, kwaye ungaphezulu kwesiqhelo. Ukusuka kweli nqanaba, akucebisi ukuthatha izikhundla kwixabiso, kuba ulingano phakathi kwenzuzo kunye nomngcipheko ayisiyiyo eyona nto iluncedo kwimidla yabasindisi. Ayothusi into yokuba kuninzi okungaphulukana nokufumana, ngaphandle kokunyuka kwamaxabiso.

Izilumkiso ezivela kwi-CNMV

IKomishini yezoKhuseleko kuZwelonke ayizange ihlale ingenamdla kule meko yenkampani yaseCantabrian. Ewe akunjalo, kwaye ngenxa yoko akazange athandabuze uqalise ingxelo yabatyali mali, apho abonisa khona ubungozi bokusebenza, kunye neemeko zeshishini ezibuthathaka. Kwaye oko kuphakamisa iingongoma ezintlanu ekufuneka abatyali mali bazi.

Ishwankathela zonke izithunzi ezinokuchaphazela inkampani, ukuze abathengisi bayithathele ingqalelo xa besenza uluvo lokuba bangayiphuhlisi na indlela yokusebenza kweli xabiso lentengiso. Iithagethi zenani lomngcipheko uluntu olujongene nawo, kwaye kufuneka ixatyiswe ngabatyali mali abancinci ukusukela ngoku.

1. Eyona nto inokwenzeka yokupheliswa, kwaye oko kuya kuthetha ukuba izihloko zabo zazingadweliswanga kwiimarike zezemali, kwaye ngaphandle kokuphinda baqale amaxabiso abo. Kwaye ngenxa yoko, ilahlekelwe yiyo yonke imali eqokelelwe kutyalo-mali. Ngaphandle kwalo naliphi na ithuba lokuyifumana kwakhona.
2. La ukusilela ekufumaneni iimali eziyimfuneko ukuze iqela lisebenze. Iziphumo zayo kugcino ziya kufana nezangaphambili. Kwaye kwiimeko ezintle, ixabiso liya kuthatha le meko intsha, ngokuhla kakhulu kumaxabiso abo. Mhlawumbi ukuya kuthi ga kumanqanaba ayeke ukurhweba kuwo ngo-2013.
3. Ukungabikho kwezinto ezibonakalayo ze izivumelwano kunye nabanye ababolekisi malunga nohlengahlengiso lwetyala lokungabinamali. Ngeempembelelo ezifanayo kakhulu kwizilumkiso zangaphambili ezenziwe licandelo lolawulo lotyalo-mali.
4. Ukungathobeli isicwangciso sokusebenza. Inqaku apho abahlalutyi bezemali bebechaphazela kwezi ntsuku, kwaye oko kuya kuthetha izoyikiso ezinzulu kwiiasethi ezityalwe kwinkampani.
5. Okokugqibela, i-CNMV ibeka njengengozi enkulu yokuthenga izabelo, imeko yezemali yenkampani yemichiza, kwaye kufanele ukuba ibe yindawo ekubhekiswa kuyo kuhlalutyo oluneenkcukacha ngakumbi lwezezimali zikaSniace.

Ukunyuka kwemali elandelayo

Elinye icala endilixabisileyo, kwaye elingafanelekanga kangako, kukuba kwiinyanga ezizayo kuyakubakho ukwanda kwemali kwi-Sniace, ukuze ikwazi ukubonelela ngezixhobo ezaneleyo zemali ukukhuthaza umgca wokushishina ngesiqinisekiso esikhulu. Kwangokunjalo, kule meko, iKhomishini yeSizwe yoKhuseleko kwiMarike igxininisa umngcipheko wokungena kwinkampani, iqinisekisa ukuba iyaqhuba nolwandiso "ngokusebenza kwenkampani."

Kwakhona, Ukunyuka kwenkunzi kunefuthe lokuxuba kumaxabiso. Kuba zikhona izihloko ezininzi kwintengiso, amaxabiso abo ehla de agqitywe kunikezelo lwangoku. Kwelinye icala, le ntshukumo iphantse yathandwa ngabatyali zimali abancinci nabaphakathi, abathi basebenzise eli thuba ukulungisa izikhundla. Ngamanye amaxesha ngendlela ekhawulezileyo, kwaye oko kubangela ukuba amaxabiso acinezelwe ezantsi.

Ngapha koko, ukubhengezwa kokukhulisa kubuliswa kwiimeko ezininzi ngolungiso olunzulu kakhulu, oluthi nkqu kudlula amanqanaba e-5%, njengoko kubonisiwe kwimarike yezemali kwiminyaka yakutshanje. Imizekelo iyasilela ukubonisa lo mzekelo: I-FCC, iTelefonica, iBanco Santander, iSacyr, njl. Ewe kunjalo, ayisosikhuthazo esihle sokuthatha izikhundla kweli xabiso ngexesha leeseshoni ezilandelayo.

Kodwa ayisiyiyo kuphela isilumkiso esikhutshwe yi-CNMV kwingxelo yayo kubatyali mali. Ukucebisa ngokuhlalutya isicwangciso sokuhlawula iSniace esifakwe kwisindululo sesivumelwano. Kwaye ayikhathaleli imeko yayo ethe-ethe yezemali kunye nezisongelo ezinzulu ekusebenzeni kwayo. Ewe, ezi ngcebiso ziya kunceda, ukuze ubuncinci ucinge malunga nokuncinci ngaphambi kokukhetha esi sicelo sinzima kakhulu kwii-equities zaseSpain.

Iingcebiso ezi-5 kubatyali mali

Kuyinyani ukuba ukuqala kwayo okutsha kwimarike yemasheya kuyabetha kakhulu, kodwa akufuneki wenze impazamo yokuthatha izikhundla kuba inyuke nge-150%. Mhlawumbi ixesha lokuthenga izabelo zeSniace lidlulile, kwaye awuzukukhetha ngaphandle kokulinda iminyhadala ukubumba ixabiso layo. Kwaye oku, ungangenisa naziphi na kwezi ngcebiso zilandelayo ziya kuba luncedo kakhulu kwisicwangciso sakho sotyalo-mali.

• Kanye njengokuba izihloko zabo ziphakame ngokuthe nkqo, banokwenza njalo kwelinye icala, ngaloo ndlela ungaphulukana nemali eninzi ekusebenzeni. Awunakho ukuziveza kwezi ngozi zifihlakeleyo, ngakumbi xa ubonelelo lwezabelo zaseSpain lubanzi.
• Nangona ingaqhubeka inyuka kwiintsuku ezimbalwa ezizayo, awunakukhokelwa bubuphi na ubushushu kumaxabiso, nangaphantsi kolunye lwezi mpawu, kwaye oko kungadweliswanga ixesha elide.
• Ujonge inkampani encinci cap, ethengisa izihloko ezimbalwa kakhulu kwintengiso. Inokudala ingxaki ngakumbi ukuba uthengise izabelo zakho, okanye ubuncinci, uzenze zibe semthethweni ngexabiso elifunayo.
• Naliphi na iindaba ezimbi zinganciphisa ixabiso lakho lesitokhwe, de ubase kumanqanaba angenakufikeleleka kwimidla yakho njengomtyali mali omncinci.
• Ukunyaniseka yinto eqhelekileyo kwixabiso layo, kwaye kuphela abatyali mali abanamava abanokusebenza ngesiqinisekiso esikhulu kule klasi yeenkampani ezizodwa kakhulu. Banikezela ngamaxabiso aphezulu kakhulu kunye namaxabiso asezantsi kwiseshoni nganye, ngeepesenti ezingaphezulu kwe-10%.