Cade approves purchase of share of Brado by FGTS fund

The Administrative Council for Economic Defense unrestrictedly approved the purchase of share of the logistics company Brado, a subsidiary of ALL, by the FGTS (Government Severence Indemnity Fund) investment fund, informed the government agency in a notice published this Friday in the Official Gazette.


In early June, ALL had disclosed that the FI-FGTS would make a contribution of $176.83 million in Brado, money that would be used to strengthen the company’s activities in transportation infrastructure and intermodal logistics, which combine railroads, roads and ports.


With this operation, the FI-FGTS, which is managed by the bank Caixa, will hold a 22.2 percent in Brado. ALL will remain as controller, with 62.22 percent of the company, while the former shareholders of Standard Logística will have 15.55 percent of the company.


The FI-FGTS was created in 2007 to invest FGTS resources “in construction, renovation, expansion or implementation of infrastructure projects in roads, ports, waterways, railroads, energy and sanitation,” according to the official regulation of the fund.


In late September, the fund had a net worth of $10.91 billion, according to the most recent document submitted by the FI-FGTS to the Securities Commission (CVM).


At the time, the single largest investment of the FI-FGTS was at Odebrecht, with $884.2 million in company shares, followed by LLX Açu, subsidiary of the Eike Batista’s logistics company, with $333.11 million in debentures issued by the company.


In September 2012, the FI-FGTS has invested directly in ALL, with participation of $74.66 million in the company.

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