Brazil Bradesco starts buyback of Bradespar
shares
Reuters Company News - August 21, 2000 08:19
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SAO PAULO, Aug 21 (Reuters) - Brazil's No. 1 private bank Bradesco said
it was starting on Monday a buyback of stocks in the newly listed holding
company Bradespar at a price of 0.91 reais for a lot of 1,000 shares.
The bank said in a statement the operation would last 15 days, ending on Sept
4.
Earlier this month, the bank's shareholders received a new Bradespar share for
every Bradesco share they owned and the bank said there would be a buyback
of Bradespar stock to give shareholders a chance to sell their holdings. There
are 689 billion Bradespar shares currently in circulation.
Last week, Bradespar posted a net loss of 50.3 million reais ($27.9 million) for
the period starting March 1 and ending on June 30. On Friday, Bradespar
ordinary shares closed at 1.05 per lot of 1,000 shares, while the preferential
stocks ended at 1.17 reais. The buyback price of 0.91 reais had been
announced previously.
Bradespar, which aims to be more aggressive now that it is out from under the
wing of Bradesco, combines holdings in some of the crown jewels of Brazil's
old economy stocks, with stakes in a smattering of unlisted utilities and
high-tech firms. |
