Marfrig Alimentos SA’s founder and Chief Executive Officer Marcos Antonio Molina raised his stake in the company after a 33 percent stock slump in the past year.
Molina increased his stake to 48.3 percent in May from 47.6 percent a month ago, according to a regulatory filing late yesterday. He bought 2.28 million shares and spent about 21.4 million reais ($10.4 million) based on yesterday’s closing price, the Sao Paulo-based beef producer said.
Molina held 43.5 percent of the company a year ago, according to previous Brazil regulatory filings.
Marfrig fell 2.3 percent yesterday to close at 9.38 reais in Sao Paulo. The stock declined 33 percent in the past year, more than twice as much the 14 percent slide in Brazil’s benchmark Bovespa index.