(Corrects first paragraph in story published yesterday to say amount relates only to secondary offering; erases price mentioned in June 4 prospectus in second paragraph.)
Shareholders at Brazil Pharma SA (BPHA3), the pharmacy chain spun off by Banco BTG Pactual SA last year, are raising as much as 64.75 million reais ($31.4 million) in a secondary offering.
Stockholders of the Sao Paulo-based company are selling as many as 7 million shares for 9.25 reais each, according to a regulatory filing today.
Brazil Pharma debuted on the Sao Paulo exchange in June 2011 after selling 48 million shares for 8.62 reais each. The stock has risen 16 percent since then, while the benchmark Bovespa index fell 11 percent.
Banco BTG Pactual controls 30 percent of the company, according to data compiled by Bloomberg. Other shareholders are investment funds and previous owners of regional pharmacy chains Brazil Pharma acquired.
The new shares start trading in Sao Paulo on June 25. They’re listed in Novo Mercado, a segment of the stock exchange that mandates stricter requirements regarding disclosure and minority shareholders’ rights.
Brazil Pharma is the country’s third biggest pharmacy chain with 643 stores of its own and 355 franchise locations, according to the industry association Abrafarma.
To contact the editor responsible for this story: David Papadopoulos at email@example.com