Brazil's BNDES to invest up to $285 million in transport group Simpar

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Brazil's state-run national development bank BNDES is set to invest up to 1.5 billion reais ($285 million) to become a minority shareholder of local transport conglomerate Simpar and some of its companies, securities filings showed on Thursday.Simpar BMFBOVESPA:SIMH3 and two of its subsidiaries, car rental firm Movida BMFBOVESPA:MOVI3 and truck rental company Vamos BMFBOVESPA:VAMO3, launched separate private share sales on Thursday to raise capital that could surpass 3 billion reais, according to the filings. BNDES has committed to buy stocks worth as much as 1.35 billion reais across the three share sales from Simpar group, the filings showed. Other investors, including Simpar's controlling shareholder, are also expected to purchase shares in the transactions.The state-run bank will be limited to a 10% stake in each of Simpar's companies, according to the filings.BNDES last year launched a plan to resume the direct purchase of stakes in companies, focusing on the green transition and decarbonization, after it had implemented a divestment agenda during the administration of former Brazilian President Jair Bolsonaro.The new investment is aligned with the administration of current President Luiz Inacio Lula da Silva and its policies for truck fleet renewal and access to light vehicles, BNDES' President Aloizio Mercadante said in a statement, citing efforts for more sustainable transportation with lower emissions.BNDES' investment could reach up to 680 million reais in Simpar, 375 million reais in Movida and 300 million reais in Vamos, the filings showed.The bank will also have a purchase right to buy up to 5% of another company within the Simpar group, road carrier JSL BMFBOVESPA:JSLG3, in a deal that could reach as much as 112 million reais, Simpar said in a statement.($1 = 5.2639 reais)

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