SANTIAGO Jan 10 Regional carrier LATAM Airlines
on Friday sold shares leftover from a recent
capital increase, thus wrapping up the roughly $940.5 million
operation geared at boosting its finances.
The company, the fruit of Chilean airline LAN's 2012
takeover of Brazil's TAM, offered 10.3 million shares leftover
from a preferential capital increase period that ended in
The roughly $784 million LATAM reaped from the preferential
capital hike period fell short of what the company was seeking
to raise, chiefly because Brazilian group Amaro decided not to
exercise its right to buy 8.4 million shares.
Friday's sale raised about $156 million, bringing the
company closer to its roughly $1 billion target figure.
"With this, the company is achieving significant progress in
an important and strategic process that seeks to strengthen
LATAM's balance sheet and financial position via improved
coffers and lower debt," LATAM said in a statement.
Weakness in the Brazilian market has hurt LATAM's operating
margins, but third quarter results suggest the carrier is
turning the corner.
Shares in LATAM were trading 1.74 percent lower on Friday,
outpacing a 0.86 percent drop on the IPSA stock index.