Brazil's state oil company Petrobras has begun the process to reduce its shareholding in BR Distribuidora and will seek to sell between 25 and 33.75% of the capital stock of its subsidiary, according to a relevant event released on Wednesday.
Petrobras, the largest Brazilian company, currently holds 71.25% of BR Distribuidora, after completing an initial offer of shares at the end of 2017, in which some 5,000 million reais (around 1,291 million dollars) was raised.
The company specified that the base offer of shares will be of 25%, being able to reach 33.75% of the share capital, but the total will depend on the exercise of the additional lot and the additional lot.
With the operation, the oil company will reduce its stake in BR Distribuidora to less than 50%, as previously reported to the market.
The request for registration of the public offering of shares is being analyzed by the Securities and Exchange Commission (CVM) and is subject to approval by the body, Petrobras explained in a statement to the market.
The sale of part of the distributor, founded in 1971 and with about 7,000 distribution outlets in all the states of Brazil, is part of the divestment plan launched by the company.
Petrobras BR, the country's largest distributor, obtained a record net profit of 3,193 million reais (about 825 million dollars) last year, with a 177.4% increase compared to 2017.
In the first annual balance since it debuted in the market, on December 15, the company clarified that its profits increased despite the drop in the sale of fuels in Brazil, the retraction of the market and the discussions in the Government about the possibility to regulate the fuel market in the country.
. (tagsToTranslate) Petrobras (t) process (t) participation (t) BR (t) Distributor