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Brazil’s Funcef Fund Plans to Boost Belo Monte Dam Stake to 10%

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Sept. 4 (Bloomberg) -- Brazilian pension fund Funcef plans to increase its stake in the Belo Monte hydroelectric dam to 10 percent from 6.25 percent, its president said.

“We decided to increase our participation,” Funcef President Carlos Caser told reporters in Brasilia today. The fund plans to acquire shares owned by construction company Barueri, Brazil-based Engevix Engenharia SA, Caser said.

The move would double the fund’s total investment in the Belo Monte dam to about 600 million reais ($294 million), investment chief Mauricio Marcellini said today at the same event. The purchase requires final approval by Funcef’s governing council.

Funcef is the pension fund for workers at Brazil’s state-controlled bank Caixa Economica Federal.

To contact the reporter on this story: Raymond Colitt in Brasilia Newsroom at rcolitt@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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