July 22, 2019 |
The Brazilian government and BB Seguros have sold their shares in reinsurer IRB, raising BRL7.4bn ($1.97bn).
The two companies offered 84m shares on the stock market at BRL88 each, IRB said.
BB, a unit of Banco do Brasil, and BNDES (which held the government’s stake) owned 15.2% and 11.7% of IRB, respectively, an IRB investor relations representative told LatinFinance.
She noted, however, that Brazil will retain some control over IRB
“They have exited their position, but the government will
Government retains golden share in company