Government authorizes issuance of more shares in the Port of Santos

A presidential decree, published this Tuesday (25) in the Official Gazette of the Union, authorizes the increase in the share capital of Autoridade Portuária de Santos S.A., through the incorporation of advances made by the Union, updating of these amounts, in addition to the balance of capitalizations previous. Until the last update of the statute, in 2020, the public company’s shares exceeded the value of R$ 1.4 billion.

According to the decree, to this amount will be added R$ 103,346,942.15 of an advance transferred in 2015, by the Union, in addition to another R$ 4,052,782.11 of other advances made in 2019 and 2020, with the objective of increasing the share capital of the company. With this, the new share capital should exceed R$ 1.5 billion.

As it is a privately held public company, linked to the Ministry of Ports and Airports, the shares that represent the company’s share capital are 99.9% owned by the Union and less than 0.01% by the municipality of Santos.

The decree also authorizes the subscription of new shares by the Union and by the municipality in proportion to the shareholders’ participation and, if the municipality of Santos does not exercise the preemptive right within the established period, the Union may exercise it.

The new share capital must be published in the Official Gazette of the Union after the approval, by the general meeting of shareholders, of the total amount, as well as the number of shares to be issued.

Source: Agência Brasil

To read the original article, visit: https://agenciabrasil.ebc.com.br/economia/noticia/2023-07/governo-autoriza-emissao-de-mais-acoes-do-porto-de-santos

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