Shareholders of the Sao Paulo-based company will meet Feb. 19 to vote on whether to sell shares after scrapping plans for a 1.14 billion-real ($570 million) IPO last year, according to a statement published in Sao Paulo state’s official gazette today. An official for Biosev, who asked not to be named because of company policy, declined to comment further.
Brazil’s benchmark Bovespa index entered a bull market on Jan. 3, after rising 21 percent from last year’s low on June 5 on expectations stimulus from central banks in industrialized countries from Japan to the U.S. will revive growth.
Raw sugar prices in New York are set to rise 9 percent to an average 20.5 cents in the fourth quarter, the mean of nine bank estimates compiled by Bloomberg. Prices will rise after posting the biggest two-year drop since 1999.
Biosev, Brazil’s second-largest sugar miller, canceled its IPO in August, citing market conditions. The company had planned to use proceeds to repay debt and fund an expansion, it said in June. Louis Dreyfus, based in Amsterdam, owns 66 percent of Biosev through three holding companies, it said May 11.
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