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STXNEWS LATAM-Troubled Brazil fund Laep to sell 40 mln new shares-filing
Laep Investments Ltd, the troubled Brazilian buyout firm, will seek to raise $10 million form the sale of 40 million Class A shares to bolster its capital, which could face negative equity as a result of losses in a key investments, according to a securities filing on Monday.
Shares will be sold at a unit price of $0.253, and shareholders as of record Jan. 24 will be allowed to subscribe new shares. The company is facing multiple lawsuits from minority shareholders after shares fell more than 99 percent since the company went public in Oct. 2007.
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