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BTG Pactual withdraws delisting of investment unit

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BTG Pactual withdraws delisting of investment unit

BTG Pactual Holding SA canceled its plan to delist its investment unit, PPLA Participations Ltd., from Brazil's stock exchange, noting that an appraisal report failed to correctly reflect the company's value, Reuters reported.

According to BTG Pactual Holding, the appraiser incurred in material errors based on assumptions "that resulted in a serious distortion of the company's PPLA11 unit price," PPLA cited in a statement.

PPLA recently disclosed an assessment from Urca Capital Partners that priced each of its Brazilian depositary receipt unit at 4.31 reais, higher than the company's initial offer of 1.19 reais per unit. The company's shareholders requested for the new report, according to Reuters.

The price of the units dropped 37.3% to 2.50 reais by midday of Oct. 4, Reuters said. The securities had climbed 48.3% since BTG Pactual Holding's announcement of the delisting.

With the takeover's withdrawal, PPLA will continue its certificate of deposits program and maintain a foreign issuer registration with banking regulator CVM and Euronext.

PPLA, formerly known as BTG Pactual Participations Ltd., holds investments purchased with the capital of parent company BTG Pactual Group.