Petrobras on Sale of Petrobras Biocombustível Stake in Bambuí

Source: www.gulfoilandgas.com 7/10/2020, Location: South America

Petrobras, following up on the release disclosed on 07/03/2020, informs that its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBIO) signed an agreement for the sale of its 8.40% stake in the company Bambuí Bioenergia S.A. (Bambuí) to Turdus Participações S.A., which holds the other 91.60% stake in the company.

The transaction was concluded with the payment of the symbolic amount of R$ 1.00 to PBIO, due to Bambuí's negative equity. The operation closing was simultaneous to the signing of the agreement for purchase and sale of shares, which allowed the immediate withdrawal of Bambuí's capital.

This transaction followed the guidelines established in PBIO's Divestment Methodology and is aligned with Petrobras' portfolio optimization strategy and improved capital allocation, aiming at maximizing value for its shareholders.

About Bambuí
Bambuí is located in the city of Bambuí, in the state of Minas Gerais (MG), and operates in the production of hydrous ethanol (ethyl alcohol) and electric power cogeneration.


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