RIO DE JANEIRO, Dec 9 (Reuters) - 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 exchange.
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 Brazilian cents.