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Shareholder Grupo GWI raises stake in Gafisa

Brazil-based real estate investor Grupo GWI raised its stake in Gafisa SA to 30.45% via the acquisition of common issued shares through its direct and indirect subsidiaries.

Grupo GWI clarified that the share acquisition is intended for its investment only and it does not own any warrants nor convertible debentures of the company. It added that it has not made any deal that would regulate the exercise of its voting right in the company.

Following the deal, Grupo GWI now holds 8,539,596 common shares in the Brazilian construction company.

Earlier in January, shareholders of Gafisa approved an amendment to the company's bylaws that increased the ownership level of outstanding shares to 50% from 30% for a shareholder to be required to make a mandatory tender offer to acquire all the remaining outstanding shares of the company.

As of Jan. 31, US$1 was equivalent to 3.17 Brazilian reais.