Wednesday, July 11, 2018

BRF asks banks to submit tenders for sale of fixed assets

The BRF follows with your process for the hiring of the investment banks that remain ahead of the sale of assets as the restructuring plan announced by food processing. The company will not, however, a formal process, by sending so-called RFPs (request for proposals), or request for proposals. The BRF is asking financial institutions commercial proposals for the sale of specific assets. Some send suggestions for the sale of assets in Europe, Argentina and others to Thailand. Thus, it is expected that three investment banks are hired to advise the divestments and the selection should be completed soon. The BRF's goal is to raise with this program, R $5 billion, lowering the leverage ratio, measured by the ratio between net debt and Ebitda (earnings before interest, taxes, depreciation and amortization) for 4.35 times until the end of this year-at the end of the first quarter, was at 4.44 times. Probability. With a debt of about $20 billion and R with R $4.5 billion won this year, the BRF called the main creditor banks – Bradesco, Itaú Unibanco and Banco do Brazil – to renegotiate salaries. There is, thus, chance that these banks have them eating into the mandates for the sale of assets. Mesversário. The President of the BRF, Pedro Parente, is about to complete a month in charge of the company. The Executive took the Chair days after quitting of Petrobras, as a result of the strike of truckers, who questioned the pricing policy adopted by the oil company. 2:00 pm 1. The Executive still builds up the Presidency of the Board of Directors of BRF. The company has its shares listed on the Novo Mercado segment of highest standards of corporate governance of B3, whose regulation, however, veta accumulation of both positions. However, the BRF have reported that this accumulation will occur for a period of 180 days. According to the company, this possibility is provided for in the regulation of the new market. After that, the company intends to call Parliament to extend such accumulation for a year. Gap. In regulation, the accumulation is possible since it occurs in case of vacancy of the position, the company must, within 60 days, announce the measures that are being taken to end such accumulation, which may not last longer than a year. José Aurélio Drummond Jr. resigned as ceo of the BRF at the end of April. Relative was elected Chairman of the Board of the company on the day April 26, three days after the resignation and when I was still in Petrobras. Sought the BRF had no comment. Formula. The divestiture plan was also a formula used by relatives in Petrobras. The plan announced it was selling $ $21 billion in 2017 and 2018. According to figures released at the last financial statement in the first quarter oil Petrobras had pocketed from the sale of assets R $7.5 billion.
O Estado de S Paulo - 11/07/2018 News Item translated automatically
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