OSX Brasil SA (OSXB3), billionaire Eike Batista’s provider of equipment and services to the oil and gas industry, rallied after newspaper O Estado de S. Paulo reported more than 300 employees were fired in a restructuring.
Shares rose 2.6% to 3.14 reais at 2:33 p.m. after earlier adding as much as 6.9% and extending their three-day advance to 31 percent, the biggest gain in such a period of time on record. The BM&FBovespa Small Cap index fell 0.3 percent.
The firings are part of the plan to cut costs and increase revenue that OSX announced on May 17, Estado reported yesterday, citing a statement by the company that said it now has 260 employees compared with 575 in March.
OSX’s press office didn’t respond to an e-mail from Bloomberg News seeking comment. Its shares have lost 71 percent this year, while the small cap index has declined 2.1 percent during the same period.
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