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PDG Realty targets 74M-real capital increase as part of judicial reorganization

PDG Realty SA Empreendimentos e Participações is targeting an approximately 74.2 million real capital increase in order to restructure under its judicial reorganization plan.

The plan, provided by the Brazilian homebuilder and its peers under the economic group, was approved at the creditors' meeting held Nov. 30, 2017.

In accordance with the capital increase, PDG Realty plans to issue 31,476,993 common, nominative, and no-par-value shares at 2.36 real apiece. Shareholders subscribed to 70,145 shares through the exercise of their preemptive rights until the April 30 expiration date, leaving 31,406,848 shares unsubscribed as at May 15.

As of May 14, US$1 was equivalent to 3.62 real.