Americas News
Brazil's Brasbunker Look to go Public in 2014
Brazilian bunkering and maritime group Brasbunker Participações S.A. (Brasbunker) is preparing to go public in 2014 according to a report by Brazilian financial daily Valor Econômico.
The report said the listing was dependent on market conditions but the company is optimistic about its growth potential, aiming to increase projected 2014 earnings of R$460 million (USD $225 million) by some 156% to R$1.18 billion (USD 576 $million) in 2015.
The listing plans follow the September 2010 purchase of a minority stake in the business said to be 40% by Brazilian investment bank BTG Pactual, a move it described at the time as its first venture in its Merchant Banking area in the oil and gas industry.
The financial terms of the transaction were not disclosed.
Since then, the company is reported to have been restructuring in preparation for the listing.
The Brasbunker Group controls 6 companies and according to its website specialises in maritime transport, offshore logistics, ship building and repair, and environmental protection.
Investment banking independent BTG Pactual had an IPO of its own in April 2012, raising R$3.66 billion ($1.96 billion) in Brazil's first initial public offering of an investment bank.
The company was formed in 2009 when UBS Pactual was bought by BTG Investments, a firm headed by former UBS director and Forbes Fortune 500 listed André Esteves.
