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BNDES off-loads 2.1B reais stake in Brazilian food processor

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BNDES off-loads 2.1B reais stake in Brazilian food processor

The Brazilian development bank Banco Nacional de Desenvolvimento Econômico e Social raised about 2.1 billion reais after selling its entire stake in Marfrig Global Foods SA.

According to a Dec. 17 statement from the Brazilian food processing company, BNDES sold 209,648,427 shares at 10 reais apiece in a restricted offering. Marfrig itself sold 90 million newly issued shares in the offering as well.

The stake sale is the latest in a string of recent divestitures that have helped to bolster profits at the state-controlled development bank. In November, CEO Gustavo Montezano reportedly said that the bank is aiming to sell 80% of its 110 billion reais stock portfolio within three years.

As of Dec. 17, US$1 was equivalent to about 4.06 Brazilian reais.