BB board members resign, Vale’s share buyback program, Petrobras news and more highlights

BB board members resign, Vale’s share buyback program, Petrobras news and more highlights
BB board members resign, Vale’s share buyback program, Petrobras news and more highlights

SAO PAULO – The corporate news on the return of the holiday highlights Banco do Brasil, which confirmed on Thursday night the resignation of directors of management of the state-owned company.

The board of mining company Vale on Thursday approved a buyback program limited to 270 million common shares and their respective ADRs, the company said in a fact relevant to the market.

Petrobras’ total diesel sales grew 35% in March compared to the same month last year, to an average of 791 thousand bpd (barrels of oil per day), in the face of commercial and operational efforts aimed at mitigating the effects of the pandemic, the company said. company on Thursday.

Check out the highlights:

Banco do Brasil (BBAS3)

BB confirmed on Thursday (1) that the current chairman of the institution’s Board of Directors, Hélio Magalhães, and independent director José Guimarães Monforte resigned from their positions. The move began after André Brandão resigned as president of the institution last month, attributed to the increased interference of the Jair Bolsonaro government in state-owned companies and, in particular, in BB.

In the resignation letter, Magalhães claims to have taken the decision because of the “repeated disregard with which the majority shareholder has been treating not only this prestigious institution, but also other important publicly traded state companies and their main managers”.

The bank also sent a statement to shareholders re-presenting documents to the Annual Shareholders’ Meeting (AGO) due to the request for withdrawal of candidacy by director Luiz Serafim Spinola Santos. It was another name to leave the bank’s board of directors, after confirmation of the resignations of Hélio Magalhães and José Guimarães Monforte.

The board of mining company Vale on Thursday approved a buyback program limited to 270 million common shares and their respective ADRs, the company said in a fact relevant to the market. The volume represents up to 5.3% of the total number of shares outstanding, based on the shareholding structure of February 28, 2021.

The program will run for up to 12 months. The company pointed out that the repurchase program does not compete with the company’s intention to “consistently distribute dividends above the minimum established by our dividend policy”.

Petrobras’ total diesel sales grew 35% in March compared to the same month last year, to an average of 791,000 bpd (barrels of oil per day), in the face of commercial and operational efforts aimed at mitigating the effects of the pandemic, the company said. on Thursday. The volume was 17% higher than March 2019, pointed out the oil company. Last month, Petrobras also surpassed the record sales of Diesel S-10, with low sulfur content, reaching the mark of 416 thousand bpd. This value, according to the company, exceeds by 2% the previous record of 407 thousand bpd, registered in October 2020.

Appointed by President Jair Bolsonaro to assume command of Petrobras, reserve general Joaquim Silva e Luna began the transition work with the current management of the state-owned company and analyzes names to compose the new team of company directors, highlights Valor Econômico. Outgoing executives at the company have been suggesting in-house professionals as replacements.

The National Bank for Economic and Social Development (BNDES) announced on Thursday that it approved a credit of R $ 697 million for Duratex to build a soluble cellulose plant.

With a capacity of 500 thousand tons per year, the plant based in Minas Gerais is expected to start operating in 2022. The project is concentrated in LD Celulose, a joint venture created in 2019 by Duratex with the Austrian Lenzing, a world leader in the production of fiber cellulose.

Duratex holds 49% of LD’s capital. The estimated investment of the project is around R $ 5.2 billion. Duratex will participate with the contribution of forestry and financial assets.

“With the project, Duratex diversifies its business and increases the return on its forest assets,” said the BNDES about the Brazilian company controlled by Itaúsa (ITSA4) and specialized in sanitary wares and wooden panels. Production at the new plant will be purchased by Lenzing and used in the manufacture of viscose, used for fabric yarns.

On Monday, Braskem will stop part of its operation at the Petrochemical Complex of Grande ABC (SP), to carry out the maintenance of the Chemicals and Polyethylene units (Q3 CK, Q3 IN and PE7). The company informs that the measure had been planned for about two years and that it will invest more than R $ 430 million in about 40 improvement and maintenance projects of the complex.

Braskem says that in this period it will modernize the electrical system that serves the Q 3 CK petrochemical plant. The project foresees the exchange of steam-based turbines for high-performance electric motors, supported by a new energy cogeneration unit powered by residual gas from the petrochemical production process. According to the company, this structural change will allow the factory’s production process to become more energy efficient, with a reduction in energy consumption estimated at the equivalent spent by a city with one million inhabitants.

“With the combined cogeneration of electricity and gas, we will consume less energy and emit even less greenhouse gases. The estimate is a reduction of 11.4% in water consumption and 6.3% in CO2 emissions at the unit, which reinforces our commitment to become a carbon neutral company by 2050 ”, explains Alberto Amano, responsible for projects the São Paulo regional office. Braskem says that in order not to impact the supply of products, it planned to increase its inventory.

XP started coverage for Estapar’s shares with a neutral recommendation and a target price of R $ 9.70 per share for the end of 2021, which implies a 19% appreciation potential against the closing of Thursday .

Although we believe in the company’s ability to continue growing and leading the urban mobility sector in Brazil, the current scenario brings some points of attention that deserve to be highlighted.

They highlight: i) the extent of the pandemic: although a significant part of the contracts has mechanisms for rebalancing revenue loss, Estapar’s gross profit (ex-depreciation) fell by 35% in 2020 when compared to 2019; ii) current level of leverage: the company is being traded at a level of 3.3 times Net Debt / EBITDA for 2021, and will need to extend the debt amortization schedule since it has R $ 42 million in cash and a debt of R $ 474 million maturing in the next 12 months.

“Despite our more conservative stance, we believe that Estapar is well positioned to deliver a 7.3% revenue CAGR between 2019 and 2024, driven by: i) market consolidation; ii) focus on the IRR; iii) Blue Zone of São Paulo (ZASP), which is transformational for Estapar and will start to appear in the results from the 1st quarter of 2021 ”, assess the analysts.

Multiplan (MULT3)

Multiplan Empreendimentos Imobiliários has announced that it will resume its activities at Park Shopping Barigüi in Curitiba on Monday. According to the guidelines of the local authorities, the project will operate at reduced hours.

“The announced determination will be followed by the company, according to the facts, new determinations or guidelines from the authorities,” adds the mall manager in a relevant fact.

(with Estadão Content and Reuters)

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