November 13, 2018 |
Brazil's largest homebuilder, MRV Engenharia, said its board of directors has approved plans for a partial spinoff of the company's commercial unit, Log Commercial Properties e Participações.
Shareholders in MRV will receive shares in Log in proportion to their stake in the real estate company. MRV will not issue new shares in the partial spinoff, valued at BRL1bn ($266m), and its capital stock will fall to BRL4.08bn from BRL5.58bn after the transaction, the company said in a securities filing.
Brazil's largest homebuilder will shed part of its commercial unit in a deal valued at $266m