The plans of the Brazilian conglomerate of Sao Paulo (Reuters) of the sewing plans to raise up to 10 billion reais ($ 1.9 billion) through public offers only to relieve the company’s debt, said a senior executive on Monday, and added that none of the funds would help their joint company with an oil giant.
“The capital will be used exclusively to eliminate Cosan,” said Cosan’s financial director Rodrigo Auoujo, during an investor call, after the announcement of the capital’s walk on Sunday night.
Raizen, the company joint with Shell, produces sugar and ethanol, as well as one of the largest energy companies based in the largest economy in Latin America. However, low yields of sugarcane have reached their final result, debt and actions of actions.
The Cosan Capital Increase Plan is waiting for an investment of 4.5 billion reality of BTG Pactual Holding, whose partners include billionaire Andre Esteves, and an additional reais of 2 billion reais of the Founder of Perfin Infra.
The founder of Cosan, Rubens Ometto, will contribute 750 million reais through his family office.
A monitoring offer of up to 2.75 billion reais is also planned.
Financial restructuring also prepares the scenario for the succession of leadership in Cosan, said the company in its presentation to the market on Monday.
Ometto, or a successor appointed by him, is expected to remain president for the next six years.
Cosan reported a net debt of 17.5 billion reais ($ 3.3 billion) at the end of June, stable at the end of the first quarter.
($ 1 = 5,3378 reais)
(Luciana Guimaraes report; writing of Fernando Cardoso; Sarah Morland edition)
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