Brazil’s BNDES raises $370 million in meatpacker JBS shares sale, says executive

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A sign at the main entrance of the Brazilian National Development Bank (BNDES) building is seen in Rio de Janeiro

SAO PAULO – Brazil’s state-controlled development bank BNDES sold on Wednesday 50 million shares of the meatpacker JBS SA, raising about 1.9 billion reais ($369.90 million), said the director of capital markets of the bank Bruno Laskowsky.

The sale took place through a block trade that put shares in JBS on auction during early trading in the Sao Paulo stock exchange. Each share was sold for 37.52 reais, representing a 3% discount from Tuesday’s closing price.

The move is part of BNDES strategy to fully divest its stake in the company. In December, the bank sold 70 million shares of the meatpacker.

JBS shares ended 3.88% lower at 37.18 reais, while the broader Bovespa index was 0.3% higher.

($1 = 5.1365 reais)

(Reporting by Rodrigo Viga Gaier; Writing by Peter Frontini; Editing by Chris Reese)

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