Brazilian pension fund Previ won't sell Vale shares before year end
RIO DE JANEIRO – Brazilian pension fund Previ, one of iron-ore miner Vale SA's largest shareholders, will not sell part of its stake before the year ends, its CEO said on Monday.
Speaking on the sidelines of a conference in Rio de Janeiro, CEO Jose Mauricio Coelho said the fund intended to reduce its stake in the miner over the medium term. Previ had previously announced plans for the sale without saying when.
Previ, which manages pensions for the employees of state-controlled Banco do Brasil, changed the way it accounts for the stake in its financial statements, marking Vale shares monthly at an average market value of the previous 90 days.
Previously, Brazil's largest pension fund was only allowed to revise the share price once a year.
Vale's shares have risen 80 percent over the last 12 months. Previ, Brazil's biggest pension fund, retains the shares through a holding company, Litel Participações SA.
After the accounting move, Previ posted a surplus of 2.3-billion reais in September and reversed a deficit in the year.
Chief Investment Officer Marcus Moreira de Almeida said at the conference that Litel's shareholders, which also includes pension funds Petros, Funcef and Fundação Cesp, were discussing how Litel would distribute the Vale shares directly to the funds.
No share sale will occur before this distribution, which seeks the most tax-efficient way to sell the stakes, he added.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation