The approval of dividend payment by Usiminas, the acquisition made by Minerva in Australia, the downgraded rating of Cielo and other news are highlighted on the corporate radar. Check it out below:
Petrobras reported on Thursday that, having completed the verification and effectiveness stage of the commercial proposal, the company Excelerate Energy has advanced to the stage of enabling the leasing process for the LNG Regasification Terminal in Bahia (TR-BA).
In addition, the buyer of the Isaac Sabbá Refinery (Reman), Petrobras, in Manaus (AM), said on Thursday that the acquisition aims to increase the supply of fuels and oil and gas derivatives for the region of influence of the unity. Petrobras said on Wednesday that it had signed a contract with Ream Participações for the sale of Reman and its associated logistical assets, for US$ 189.5 million.
Also on Thursday, the National Association of Petroleum Minority Shareholders (Anapetro) said in a statement that it sent a request to the oil company asking it not to participate in the 17th Bidding Round for exploratory blocks this year, “given the environmental and legal fragility” of areas in offer. The round is scheduled for October 7, with the offer of 92 offshore exploratory blocks in the Campos, Santos, Pelotas and Potiguar basins.
Usiminas’ Board of Directors approved the distribution of R$1.211 billion in proceeds referring to first-half profit. There will be BRL 829.9 million in dividends totaling BRL 0.646624597 per common share and BRL 0.711287057 per preferred share and another BRL 448.6 million in interest on equity (JCP), which represents an amount net of R$0.297122971 for each common share and R$0.326835268 for each preferred share.
Payment will be made on October 5th, and the date with, which is the day on which investors need to have the company’s shares in their portfolio to be entitled to the proceeds, is August 31st. The shares will be traded “ex-proventos” on September 1st, that is, whoever buys the shares from that day onwards will not be entitled to receive dividends or interest on equity.
Bank of Brazil (BBAS3)
BB informed that, at a meeting held on August 18, the amount of R$ 527.136 million was approved as remuneration to shareholders in the form of Interest on Equity (JCP), for the third quarter of 2021, corresponding to R $0.18473964825 per share.
The JCP will be paid on September 30 and will be based on the shareholding position on September 13, with the transfers of shares as of September 14 being carried out “ex” JCP.
Camil communicated the approval of payment of interest on equity in the gross amount of R$25 million, equivalent to R$0.068715167 per common share. The JCP will be paid on September 13, 2021.
“The indicated amount may be updated, as a result of the operations of the current buyback program, if there is any movement,” he said in a statement.
On Thursday, Minerva Foods celebrated its first investment initiatives in the Australian market, with the acquisition of slaughterhouses Sharke Lake and Great Eastern Abattoir, both specialized in sheep and located on the west coast of the country, the company said in a statement.
According to Minerva, the largest exporter of beef in South America, the investments will be made and the plants will be explored through a joint venture in the final stages of formation with SALIC, in which the Brazilian company will hold a 65% share and SALIC the remaining 35% stake.
The joint venture’s total investment will be approximately US$35 million, including the acquisition of assets, contributions to improve plant structures and working capital, the company said. Minerva added that the expectation is that the slaughterhouses are ready to start operating within 60 days.
Moody’s rating agency cut Cielo’s rating from Ba1 to Ba2, with a stable outlook, citing the drop in market share and earnings of the country’s largest payments company.
“Although the Brazilian electronic payment and card market has favorable long-term growth fundamentals, Moody’s believes that competition will continue to increase, not only from other acquirers that are lowering prices, but also from alternative payment methods, technological developments and regulatory bodies,” Moody’s said in the report.
Highlights: Cielo is the target of a false “material fact” about delisting and recommends that investors check information
The agency cited, among other factors, that Cielo’s Ebitda fell from R$8.2 billion in 2016 to R$2.7 billion, and predicted that the company’s Ebitda will be, on average, R$3 billion annually over the next two years .
Magazine Luiza (MGLU3)
Magazine Luiza informed that the extraordinary general meetings of the company and KabuM! approved the incorporation of 1.4 million shares of the acquired company. Magalu also acquired another 564.8 thousand shares of KabuM!.
As a result, after the transaction, Kabum becomes a wholly owned subsidiary of the company. Shareholders who did not vote in favor of the merger, who abstained from voting or who did not attend the meeting have 30 days to exercise withdrawal rights.
Also highlighted, Magalu approved a new buyback program of up to 40 million shares for a period of 18 months, ended on February 25, 2023.
Inter Bank (BIDI11)
In order to compete with American fintechs Chime and SoFI, Banco Inter announced an agreement to acquire 100% of USEND, a North American company specialized in offering financial and non-financial services.
The bank said in a statement that USEND has a competitive digital solution for transferring money between countries, with a financial institution license in more than 40 North American states, and more than 150,000 customers. Today, USEND also operates in the debit card, gift cards, cell phone recharge market, and by the end of the year, it should launch its investment and insurance platform, in addition to credit card.
“With the acquisition of USEND, Inter will have the advantage of having a solid structure and customer base, positioning itself as a full digital banking in the US, offering cheaper, fairer and more efficient products and services”, explains the CEO of Inter, João Vitor Menin.
“The consequence will be to strengthen the competition of fintechs in the United States, taking USEND solutions and our digital banking know-how, being the first Brazilian company in the segment to firmly set foot in the United States,” he added. With the union of the two companies, Inter plans to develop the platform, offering financial and non-financial products, but also invest in online marketing, leveraging the customer base, and accelerating the capture of share within the American market, the biggest in the world.
Cogna announced the issuance of R$900 million of simple debentures, not convertible into shares, aiming to lengthen its debt profile, in two series of R$608 million and R$292 million. The total is lower than initially desired of up to R$1.25 billion.
The debentures will be entitled to remuneration equivalent to 100% of the DI Rate, plus a spread of: (i) 2.60% per year for the 1st Series Debentures; and (ii) 2.95% per year for the 2nd Series debentures. Payments will be made semiannually.
The 1st Series Debentures will be amortized on their maturity date: August 24, 2024; the 2nd Series Debentures will be amortized in two installments: i) on August 20, 2025; and ii) on August 20, 2026 – its maturity date.
Cogna also added to the indenture of a private debenture totaling R$220 million with a yield equivalent to 100% of the DI Rate, plus a spread of 2.75% (previously 0.8%). Interest payments will be made semi-annually while the face amount will be paid annually from August 2023 until its due date on August 15, 2026.
Additionally, the company has R$1.8 billion in debt maturing in the next 12 months, with costs between CDI + 0.75% and CDI + 1.70%, which are below the costs of the announced issuance.
Méliuz announced the approval of the replacement of Bernardo Francisco Pereira Gomes as independent member of the Board of Directors, electing Marcos de Barros Lisboa in his place.
The elected member will complete the remaining term, in accordance with article 13 of the Company’s Bylaws.
(Reuters and Estadão Content)
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