Brazilian meat producer Minerva’s board of directors approved the repurchase of up to 4.829 million shares. The company may buy those stocks until March 5, 2019. Minerva would retain the repurchased shares.
The operation will be coordinated by BTG Pactual, UBS Brasil, CM Capital and JP Morgan.
Minerva’s goal is “to increase value generation for its shareholders due to the current discount of the shares in the market, using the application of funds available in the acquisition of shares on the stock exchange, at market prices,” the company said.
At a meeting on Monday, the board also approved the cancellation of 6,241,800 common shares acquired in the 2017 repurchase plan and held in treasury, with no change in the capital stock, currently at R$ 134.752 billion.
The company said the 2017 buyback program should go on. Currently, the company has 3 million treasury shares.