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Braskem SA (BAK.N)

BAK.N on New York Stock Exchange

26 May 2017
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$0.08 (+0.39%)
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Latest Key Developments (Source: Significant Developments)

Braskem aims to boost sales sequentially in second half of 2017
Monday, 15 May 2017 01:35pm EDT 

May 15 (Reuters) - Braskem Sa :Braskem executive says company expects to boost sales volumes in the second half on a sequential basis.Braskem executive says expects drop in Brazil EBITDA in the next nine months as a result of lower prices.Braskem expects small rise in Europe and U.S. EBITDA, stability in Mexico -executive.Braskem CEO denies press report about problems with raw material contract with Mexico's Pemex, says 'the process was transparent'.Braskem CEO says still no expectation for an upgrade from 2-3 percent forecast for resin demand in Brazil in 2017.Braskem CEO says no illicit act by the company has been found outside of Brazil.Braskem aims to keep leverage ratio below 2.5 times, sees room for new projects, dividends but up to shareholders -CEO.Braskem CEO says capacity utilization rate for crackers seen in Q1 are sustainable throughout the year.  Full Article

Joint venture of Braskem SA and Mexico's group Idesa starts production of polyethylene
Thursday, 7 Apr 2016 07:42am EDT 

Braskem SA:Says that Braskem Idesa, a joint venture of the company and Mexico's group Idesa, has started production of polyethylene in Mexico's Petrochemical Complex in Veracruz state.Says that the goal is to reach production capacity of 1.1 million tons of polyethylene per year.  Full Article

Braskem SA updates of FY 2015 dividend payment
Thursday, 7 Apr 2016 07:33am EDT 

Braskem SA:Says it has approved dividend payment for fiscal year 2015 in the amount of 1.0 billion Brazilian reais.Dividend corresponds to 1.257 reais per ordinary or preferred share of class A, to 0.606 reais per preferred share of class B and to 2.513 reais per ADR.Payment to be done as of April 15.  Full Article

Braskem SA - U.S. probes Brazil's Odebrecht, Braskem for corruption -Valor - Reuters News
Tuesday, 29 Mar 2016 09:32am EDT 

Braskem SA:The U.S. Department of Justice is investigating possible corruption in contracts among Brazilian petrochemical company Braskem, engineering conglomerate Odebrecht and the country's state-run oil company Petrobras, a newspaper said on Tuesday - RTRS.Local daily Valor Economico said the Justice Department was focusing its investigation on whether the companies violated the Foreign Corrupt Practices Act in naphtha supply contracts since 2009 between Petrobras and Braskem, which has Odebrecht as a controlling shareholder.Braskem has been the target of a shareholder suit filed in mid-2015 in the United States over the alleged release of false statements to shareholders.Braskem on Tuesday said that its lawyers abroad were sharing information with the DOJ and the Securities and Exchange Commission about an internal investigation it opened last year.Odebrecht said it had not been notified by the DOJ and would therefore not comment. The Department of Justice and SEC had no comment.In morning trade on the Sao Paulo stock change, Braskem fell 1.6 percent.Braskem trades as an American Depository Receipt BAK.N on the New York Stock Exchange, where the stock fell 2.1 percent.Braskem, Latin America's largest petrochemical company, has long relied on Petrobras to supply it with naphtha, the main feedstock that it uses for producing plastics and other petrochemicals.  Full Article

Braskem SA to propose dividend payment
Tuesday, 8 Mar 2016 03:56pm EST 

Braskem SA:Says on April 6 it will deliberate on the proposal of dividend payment for fiscal year 2015 in the amount of 1.0 billion Brazilian reais.Dividend corresponds to 1.257 reais per ordinary share and per preferred share class A and to 0.606 reais per preferred share class B.Payment to be done in April.If approved, record date April 6.Shares to be traded ex-dividend as of April 7.  Full Article

Braskem SA - Former Odebrecht CEO formalizes departure after six months in jail - Reuters
Thursday, 10 Dec 2015 05:06pm EST 

Braskem SA:Marcelo Odebrecht, the former chief executive of Grupo Odebrecht, has formalized his departure from Latin America's largest engineering group after six months in prison on corruption charges, the Brazilian company said on Thursday - RTRS.He also stepped down as chairman of petrochemical producer Braskem SA BRKM5.SA, Odebrecht Oleo e Gas, Odebrecht Realizações Imobiliarias and Odebrecht Ambiental. Newton de Souza will stay on as chief executive of Odebrecht SA and chairman of the other companies - RTRS.The third-generation scion of one of Brazil's most powerful business dynasties, Marcelo Odebrecht was ensnared in a sweeping corruption investigation stemming from state-run oil company Petroleo Brasileiro SA - RTRS.  Full Article

Petroleo Brasileiro SA Petrobras signs new addendums to contract with Braskem SA
Tuesday, 3 Nov 2015 06:24am EST 

Petroleo Brasileiro SA Petrobras:Says has signed new addendums to naphtha supply contracts with Braskem.Says addendums have 45 days of validity starting from Nov. 1, 2015.  Full Article

Braskem SA's unit halts production
Thursday, 15 Oct 2015 08:31am EDT 

Braskem SA:Says that its industrial unit in Capuava Petrochemical Complex halted production due to an incident.Six workers who were near the location of the incident suffered minor injuries and were sent for medical attention.  Full Article

Braskem SA sued in N.Y. court over Petrobras scandal - Reuters
Tuesday, 30 Jun 2015 08:00pm EDT 

Braskem SA:Says A Braskem SA shareholder has sued the Brazilian petrochemical producer, accusing it of being involved in a graft scandal that has engulfed key stakeholders Odebrecht and Petrobras and led to a selloff in Braskem's U.S.-traded stock - Reuters.Says Plaintiff Douglas W. Peters is seeking class action status for the lawsuit, filed in a Manhattan federal court on behalf of individuals or institutions that purchased Braskem's American depositary receipts between June 1, 2010 and March 11, 2015, according to court documents.Says Braskem and four executives working for or linked with the company are accused in the suit of making materially false and misleading statements regarding the company's business, operational, and compliance policies.Says The list of defendants include Braskem Chief Executive Officer Carlos Fadigas and his predecessor, Bernardo Gradin. Marcela Drehmer, the chief financial officer of Odebrecht SA, Brazil's largest engineering firm and Braskem's controlling shareholder, was also named in the lawsuit.  Full Article

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UPDATE 2-Brazil's Braskem gives mixed forecast after strong first quarter

SAO PAULO, May 15 Braskem SA, Latin America's largest petrochemical company, on Monday gave a mixed 2017 forecast after its first-quarter profit more than doubled on a growing Mexican operation and stronger demand from Brazilian builders and carmakers.