Itaúsa Issues Billion-Dollar Debentures to Acquire Liquigás

Looking to Buy Liquigás Distribuidora, The Brazilian Holding Itaúsa Issued Debentures in the Amount of R$ 1.3 Billion

Itaúsa announced, via relevant fact, on Thursday night (12/10) that its board of directors approved the 3rd issuance of non-convertible debentures, amounting to R$ 1.3 billion. Looking for a job? In Macaé, GranEnergia is hiring Brazilians for offshore positions in international waters

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Itaúsa is a Brazilian holding company that controls Banco Itaú, Duratex, Alpargatas, NTS, and Itautec, among other ventures. The company is the second largest private group in Brazil.

According to the document, the proceeds will largely be used to invest in Copagaz Distribuidora de Gás, to enable the acquisition of Liquigás Distribuidora.

On November 18, the Administrative Council for Economic Defense (Cade) approved, with restrictions, the sale of Liquigás, Petrobras’ kitchen gas distribution subsidiary, in a transaction involving Copagaz, Itaúsa, Nacional Gás Butano (NGB), and Fogás.

Capital Restoration

Regarding the remaining resources, the document explains that they will be used for the restoration of the company’s working capital.

This week, Itaúsa also approved the declaration of interest on equity in the amount of R$ 0.10165 per share.

However, the document reminds of the 15% income tax withholding at source. In this sense, the net interest paid will be just over R$ 0.086 per share of the company.

The JCP will be paid to shareholders by April 30, 2021, based on the shareholding position as of December 10, 2020.

Itaúsa’s Results for the Third Quarter of 2020

The company reported a net profit of R$ 1.784 billion in the third quarter of this year, a decline of 8.1% compared to the profit of R$ 1.941 billion recorded in the same period of 2019.

The results of the companies invested in Itaúsa between July and September decreased from R$ 2.010 billion in 2019 to R$ 1.847 billion this year.

The revenue from the sale of goods and services, in turn, grew from R$ 1.308 billion from July to September last year to R$ 1.778 billion in 2020.

The holding’s shares, traded on the São Paulo Stock Exchange, closed the trading session last Thursday down 0.70%, at R$ 11.42.