OAS considers selling stake in Invepar

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OAS considers selling stake in Invepar

Engineering group OAS is considering selling its 25 % stake in Brazillian infrastructure development firm Invepar.

Fabio Yonamine, president of OAS Investimentos, said last week in a conference call for investors to discuss third-quarter earnings, that their main focus is liquidity. According to Mr. Yonamine, they are currently evaluating the price of their assets, which means that they could possibly sell them or use them as a collateral when borrowing.

Mr. Yonamine also mentioned that they are also analyzing the sale of stadium concessions, Arena do Grêmio, Arena das Dunas and Fonte Nova.

However it is expected that the market will have a special interest in Invepar.

According to Petros's balance sheet, Invepar is worth about R$10 billion (US$3.76 billion). The pension fund has about 25% in Invepar, valued at R$2.74 billion in late 2013. Other shareholders of Invepar are pension funds Funcef (Caixa) and Previ (BB).

Invepar currently controls twelve concessionaires in the highway, airport and urban mobility segments.

Invepar controls the concession of Guarulhos airport. Guarulhos airport is the main airport serving São Paulo, Brazil. It is located in the municipality of Guarulhos in Greater São Paulo. In Brazil the airport was ranked first in terms of transported passengers, aircraft operations, and cargo handled, placing it as the busiest airport in Latin America by passenger traffic (36,000,000 in 2013).

Guarulhos airport concession is hold by Invepar, ACSA, OAS, and three pension funds. The consortium won the tender process in February 2012.

In late 213 we reported that the board of directors at the Brazilian Development Bank (BNDES) approved two long-term loans to Guarulhos and Brasília airports, totaling R$4.27 billion.

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