STXNEWS LATAM-Brazil builder Gafisa says Tenda unit approves share buyback

Tue Nov 27, 2012 8:14pm EST

Brazilian homebuilder Gafisa SA said on Tuesday that its low-income unit Tenda had approved a share buyback plan for up to 10 million common shares of Gafisa, worth nearly 39 million reais ($19 million), at Tuesday's closing price.

Earlier this month, Gafisa said it was calling off new Tenda projects slated for this year due to problems with clients' credit risk.

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