Caixa Raises R$ 7.3 Billion With Sale of Petrobras Shares

Decision to Divest Petrobras Shares, According to the Public Bank, Reflects a Strategy to Reduce Dependence on National Treasury Resources

The Federal Savings Bank raised R$ 7.3 billion with the sale of 241.3 million ordinary shares of Petrobras, two sources with knowledge of the matter stated this Tuesday, June 25. The shares were priced at R$ 30.25, with a 1.5% discount on the closing price today of R$ 30.70.

The decision to divest shares of the state company reflects both Caixa’s strategy to reduce its dependence on National Treasury resources and pressure from the Ministry of Economy for public banks to start repaying the funds received, which amount to R$ 40 billion in the case of Caixa.

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Part of the resources obtained from the sale of Petrobras shares is intended for this purpose.

Between 2009 and 2013, the Treasury made six capital injections to Caixa in the form of Hybrid Debt Capital Instrument (IHCD), a type of loan that has no deadline for repayment, 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 primary result of the federal government but have an effect on the reduction of 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 Offerings) will be from Caixa Seguridade and the credit card company and are expected to take place by the end of this year. The stock offering of the asset and lottery manager will be postponed to the first half of 2020.

Petrobras Will Pay R$ 7.5 Billion to the Municipality of Itaboraí for Suspending Comperj Works

Petrobras is expected to finalize, by September of this year, a Conduct Adjustment Term (TAC) to compensate the municipality of Itaboraí for the damage caused by the suspension of the works of the Rio de Janeiro Petrochemical Complex (Comperj) in 2015.

The agreement, which is expected to be approximately R$ 7.5 billion, was announced in a public hearing held this Monday, June 24, by the Parliamentary Inquiry Commission (CPI) installed in the Legislative Assembly of the State of Rio de Janeiro (Alerj) to investigate the fiscal crisis in the state.

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