Cox

Cox / Cox approves agenda items with 100% of votes at its first An...

Cox approves agenda items with 100% of votes at its first Annual General Meeting

  • Enrique Riquelme, executive chairman of Cox, presented the objectives achieved in 2024 and the roadmap for 2025. 
  • The shareholders endorse the exchange planned by the company, which includes the delivery of one share of the parent company (Cox ABG Group S.A) for every five shares of Cox Energy to enhance liquidity 
  • Among other agreements, the shareholders support the appointment of Dámaso Quintana as proprietary director and Larry Coben as an independent director. 

 

Madrid, 30 May 2025. Cox, a water and energy utility, has held its first General Shareholders’ Meeting as a listed company, in which the items on the agenda have been approved with 100% of the votes. 

Thus, the shareholders have approved a capital increase through the non-monetary contribution of Cox Energy’s shares to the parent company. This will be articulated in an exchange ratio consisting of the delivery of one share of Cox ABG Group S.A. for every five shares of Cox Energy, S.A.B. de C.V. that are contributed in the exchange. The implementation of this process aims to increase the liquidity of the parent company and strengthen the capital structure. 

Likewise, the General Shareholders’ Meeting has endorsed the appointment of Dámaso Quintana, chairman of Cunext, as proprietary director and Larry Coben, chairman and CEO of NRG Energy as an independent director. 

Enrique Riquelme addressed shareholders to stress that “the challenge in 2025 is to continue to evolve and lay the foundations that guarantee recurring and sustainable growth over the coming years”. In this regard, he stressed that the roadmap involves “a regional focus of the company in the Americas, Europe and the Africa and Middle East (AME) region, in which we have a significant presence, as well as executing our strategic investment plan and taking advantage of the synergy that exists between water and energy; all while maintaining a solid and sustainable capital structure over time”. 

During the General Shareholders’ Meeting, Enrique Riquelme presented the financial results for 2024, a year in which Cox obtained an EBITDA of 183 million euros (+77%), a net profit of 59 million (+62%) and revenues of 702 million (+21%). Net financial debt stood at €62 million (0.3x adjusted EBITDA), with cash flow of €268 million and operating cash flow of €83 million. These results, as he explained, consolidate the group’s strategy based on cash generation and sustainable growth. 

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Luis Arizaga Zárate

Independent Director

Member of the Audit Committee

Date of appointment: September 17, 2024

Shareholding in Cox Abg Group, S.A.: 11,514 shares

Partner of Exus Management Partners (Exus) and GenuX Power, a global renewable energy platform with offices in nine countries, managing 11GW of installed capacity, including 2.6GW in Mexico between wind and solar energy projects. Holds a Master of Business Administration (MBA) from the Leonard N. Stern School of Business at NYU in New York, and a bachelors degree in Accounting and Finance from ITESM in Mexico.

Prior to joining EXUS in 2019, he founded EIRA Capital, an investment platform focused on Energy and Infrastructure transactions in Mexico, and Latin America. He was also part of Australia’s Macquarie Group in Latin America, where he spent more than 7 years in the Macquarie Capital and Macquarie Funds divisions, working on fund capital raising, equity investments, asset management activities, as well as third party advisory roles on energy and infrastructure transactions in Mexico and Latin America. During his years at Macquarie, he also held board positions in the several investments made by Macquarie which covered energy, public private partnerships, roads, and telecom companies. In addition, his previous involvement at financial institutions include positions in the investment banking teams of Deutsche Bank’s M&A group in New York, and Citibank’s M&A group in Mexico.

Other former relevant positions include his role as independent member of the investment committee of the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Mexican mortgages and housing government agency).

Enrique Riquelme Vives

Presidente Ejecutivo

Fecha de nombramiento: 17 de septiembre de 2024

Participación en el capital social de Cox Abg Group, S.A.: 50.612.744  acciones

COX

Presidente Ejecutivo de Cox, tras iniciar su andadura profesional en el sector inmobiliario y de la construcción, en 2010 fundó Grupo El Sol en Panamá, especializado en operaciones de minería, cemento, infraestructuras y energía. Con el tiempo, la empresa se convertiría en el mayor proveedor de arena de la UTE responsable de la ampliación del canal de Panamá. Posteriormente, pasó a liderar las fases de oferta y desarrollo de Rainbow 50: el proyecto fotovoltaico de mayor envergadura ejecutado en América Latina hasta aquel momento.

Ha recibido varios galardones por su contribución al mundo empresarial en España, entre ellos el Premio del Certamen Nacional de Jóvenes Emprendedores 2018. También ha sido distinguido como uno de los «100 latinos más influyentes comprometidos con la acción climática» y uno de los «100 españoles más creativos del mundo de los negocios» según la revista Forbes. Actualmente, es miembro del Consejo Internacional de la San Telmo Business School y preside el Consejo Asesor de la Fundación Scholas para Panamá, Centroamérica y Caribe.