RIO DE JANEIRO Dec 9 Brazilian homebuilder
Gafisa SA in a securities filing Monday said that
Construtora Tenda SA, one of its units, would buy up to 32.9
million Gafisa shares at market prices on the Sao Paulo stock
The purchase over the course of the coming year is part of
Tenda's efforts to "efficiently invest available
resources...with the expectation of medium and long-term
profit," the statement said.
Combined with Gafisa shares already owned by Tenda, the full
purchase of the shares authorized by the transaction would give
Tenda control of 10 percent of its parent company's stock.
Gafisa currently has 435.38 million shares outstanding. At
the end of Monday trading in Sao Paulo, Gafisa stock closed at
3.40 Brazilian reais ($1.46) per share, an increase of 3