Decision to dispose of Petrobras securities, according to the public bank, reflects a strategy to reduce dependence on National Treasury resources

Caixa Econômica Federal raised BRL 7,3 billion with the sale of 241,3 million Petrobras common shares, two sources with knowledge of the matter said this Tuesday, June 25. The shares were priced at R$30,25, with a 1,5% discount on the closing price in today's trading session of R$30,70.

The decision to dispose of the state-owned company reflects both Caixa's strategy of reducing its dependence on National Treasury resources and pressure from the Ministry of Economy for public banks to start returning the contributions received, in the case of Caixa alone, it is R$ 40 billion.

Part of the proceeds from the sale of Petrobras shares would have this purpose.

Between 2009 and 2013, the Treasury made six contributions to Caixa in the form of a Hybrid Debt Capital Instrument (IHCD), a type of loan that has no maturity date, totaling R$ 40 billion.

As there are limits for banks to make disbursements, the amounts need to be paid in installments. These payments do not impact the federal government's primary result, but have an effect on the reduction of the gross debt.

Caixa intends to sell at least 15% of the shares of its subsidiaries. The estimate is that this could generate an extra revenue of R$ 15 billion.

According to the schedule, the first IPOs (Initial Public Offering of shares) will be by Caixa Seguridade and the credit card company and are expected to take place by the end of this year. The asset and lottery manager’s stock offering will be for the first half of 2020.

Petrobras will pay BRL 7,5 billion to the municipality of Itaboraí for suspending Comperj works

Petrobras must close, by September of this year, a Term of Adjustment of Conduct (TAC) to repair the municipality of Itaboraí for the damage caused by the stoppage of the works of the Petrochemical Complex of Rio de Janeiro (Comperj) in 2015.

The agreement, which should be worth approximately BRL 7,5 billion, was announced at a public hearing held this Monday, June 24, by the Parliamentary Commission of Inquiry (CPI) installed in the Legislative Assembly of the State of Rio de Janeiro (Alerj) to investigate the fiscal crisis in Rio de Janeiro.

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