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Report: IRB-Brasil shareholders to decide on future of IPO in coming days

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Report: IRB-Brasil shareholders to decide on future of IPO in coming days

Shareholders of IRB-Brasil Resseguros SA will decide whether to moveforward with the company's IPO this year during a meeting to be held Aug. 5, Valor Econômico reported, citing anunnamed executive following the discussions.

The reinsurer canceled the planned offering in February due tounfavorable market conditions. All documents and proceedings related to the IPOare ready to go, but there is still no consensus among shareholders regardingthe offering, the report said.

When contacted by S&P Global Market Intelligence,IRB-Brasil didn't confirm the reported shareholder meeting and didn't providefurther information on the matter.

In April, IRB's former CEO José Carlos Cardoso said the firmwas considering a stake sale via public auction instead of an initial publicoffering.

The federal government is IRB's major shareholder with a27.4% stake, followed by Banco doBrasil SA and BancoBradesco SA with a 20.4% ownership each, while holds a 15%stake, the publication noted.

On July 26, IRB posted 414.3 million Brazilian reais inprofits in the first half of 2016, up 21% year over year, while writtenpremiums increased 26% to 2.5 billion reais in the period. The insurer's ROAEwas set at 32% at the end of June, 6 percentage points higher from a yearearlier, the company said.

As of July 25, US$1was equivalent to 3.29 Brazilian reais.