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Controlling Shareholders of Brazil’s Prumo Logistica Plan Delisting

7 December 2015

(Reuters) The controlling shareholders of Brazilian port operator Prumo Logistica SA are planning to delist the company in a public offering that could be worth more than 800 million reais ($210 million), according to a securities filing on Monday.

Prumo said its controlling shareholders will offer up to 1.15 reais per share, or a nearly 11 percent premium over Monday’s closing price on the Sao Paulo stock exchange.

U.S.-based EIG Global Energy Partners owns just over 74 percent of Prumo, while a quarter of the company, or nearly 715 million shares, belongs to minority shareholders.

Prumo’s board also approved the appointment of José Magela Bernardes as interim chief executive following the departure of Eduardo Parente Menezes.

Prumo, formally known as LLX Logistica SA, was sold to EIG in 2013 as Brazilian tycoon Eike Batista’s EBX oil, mining, transportation and energy group unraveled.

($1 = 3.76 Brazilian reais)