BrasilAgro-Cia. Brasileira de Propriedades Agricolas became the first Brazilian company to list American depositary receipts on the New York Stock Exchange in three years as the property developer seeks new investors.
The ADRs ended trading at $4.65, representing a 34-cent premium to the shares traded in Brazil, which closed yesterday at 8.8 reais. The Sao Paulo-based company, which acquires and develops rural properties in Brazil, has a market capitalization of about $272 million and posted a net loss of 5.57 million reais ($2.73 million) in the year through June
“We want to broaden our shareholder base, which is too concentrated,” Chief Executive Officer Julio Toledo Piza said in an interview in New York today.
BrasilAgro is the fifth Latin American company to list with one of NYSE Euronext (NYX)’s exchanges this year. Brazilian investment bank Grupo BTG Pactual listed global depositary receipts in Amsterdam in April.
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