Bermuda Firm Committed To Brazilian Venture
Brazil’s biggest oil-services company has announced its top shareholders — including Bermuda’s GP Investimentos Ltda. – remain committed to injecting at least $192 million of fresh capital.
Caxias do Sul-based Lupatech has signed an agreement with investors, including the Brazilian development bank and the Petros pension fund, that formalises a December 29 plan to sell $192 million to $400 millionof new shares, according to a Lupatech regulatory filing yesterday [Apr.8]. Lupatech plans to call an extraordinary meeting by April 11 to approve the stock sale.
The filing yesterday said an investment agreement was signed last week to formalise a December memorandum of understanding with BNDESPar, the investment arm of Brazil’s development bank, Petros — the pension fund of state-run oil producer Petrobras — and Hamilton-based private equityfirm GP Investimentos Ltda., to increase its capital by as much as $400 million through a share sale.
