February 7, 2014 / 12:50 PM / 4 years ago

Brazilian builder Gafisa's shares rise on Tenda unit spinoff plan

Feb 7 (Reuters) - Shares of Brazilian homebuilder Gafisa rose 4 percent on Friday on plans to separately list its Tenda division as part of the low-income unit’s restart.

Chief Executive Officer Duilio Calciolari told Reuters in a telephone interview that the idea behind the plan was to give investors one share of an independent Tenda for each of their Gafisa shares.

The companies derive “almost no” cost savings through joint operations, he added.

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