Brazil's Cury launches share offering to raise some $113 million for dividend payment

About this update from Cury Construtora E Incorporadora Sa

Brazilian homebuilder Cury BMFBOVESPA:CURY3 on Thursday launched a primary share offering of about 16.2 million shares, according to a securities filing.KEY CONTEXT Cury could raise as much as 600 million reais ($112.95 million) through the offer, based on its shares' closing price on Wednesday of 37.10 reais each.Cury said it will use the proceeds to pay dividends of up to 573 million reais.The price per share of the offer will be set on December 11 after a bookbuilding process with investors.The offer's bookrunners are Itau BBA (leader), BTG Pactual, Bank of America and Caixa Economica Federal.MARKET REACTIONShares in Cury were up some 1.8% in the late afternoon following the announcement, after falling as far as 2.3% earlier in the day.Brazil's benchmark index Bovespa BMFBOVESPA:IBOV, of which Cury is not part, was up about 1.5%. The index hit new intraday record-high levels on Thursday.($1 = 5.3120 reais)

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