SAO PAULO Feb 7 The board of Brazilian homebuilder Gafisa SA approved a study into potentially spinning off its Tenda business as the "next step" toward creating value for its shareholders, the company said in a filing on Friday.
The company will begin by splitting its management structure into two independent units, which will last 90 days. Afterwards, the Gafisa group's current chief executive Duilio Calciolari will step down. Sandro Gamba will then become chief executive of Gafisa and Rodrigo Osmo the chief executive of Tenda, which focuses on low-income housing.
If the plan to split the companies is approved by shareholders and the board, the operations should be concluded in 2015 and the group would seek clearance from the local market regulator, the CVM, to list Tenda on the Novo Mercado of the BM&FBovespa stock exchange. (Reporting by Marcela Ayres; Writing by Reese Ewing Editing by W Simon)