Santos Brasil approves follow-on offering

Santos Brasil approves follow-on offering

Capital Markets Equity Corporate & Sovereign Strategy Rule 476 Brazil Latin America

Brazilian port operator Santos Brasil said on Tuesday its board approved a follow-on share offering that could earn the company up to BRL1.35 billion ($256 million) to acquire new port leases and invest in its logistics division. Santos Brasil said it will sell just under 192.7 million new shares with an option of increasing the amount by just over 67.4 million shares, or 35%, depending on demand. The offering will raise around BRL1 billion, or BRL1.35 billion when the overallocation is included

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