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General Shopping to transfer mall stakes to fund, pay 829M reais in dividends

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General Shopping to transfer mall stakes to fund, pay 829M reais in dividends

General Shopping E Outlets Do Brasil SA agreed to transfer its entire interests in 11 Brazilian shopping malls to a real estate investment fund and approved payments amounting to 829 million reais in dividends to shareholders, Reuters reported, citing recent company filings.

The Brazilian mall operator will pay about 207 million reais in cash and the remaining in quotas of the undisclosed fund that will receive the shopping mall interests.

General Shopping will pay the dividends to shareholders in February 2019, with shareholders who do not want to receive the dividends in real estate investment quotas able to choose a perpetual local bond instead, the Dec. 28 report added.

As of Dec. 28, US$1 was equivalent to 3.88 Brazilian reais.