Brazil's Locaweb unveils investment program; shares soar

SAO PAULO, Dec 10 (Reuters) - Shares in Brazilian web services company Locaweb rose more than 7% on Friday after it unveiled a corporate venture capital program that aims to invest 100 million reais ($17.87 million) over four years.

The company, formally known as Locaweb Servicos de Internet SA, plans to invest in businesses that can be connected to its ecosystem, "especially in the e-commerce segment," it said in a securities filing.

The initiative will take place through an equity investment fund that will be managed by Valetec Capital Investimentos Ltda.

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Shares in Locaweb were one of the top performers on the Bovespa index (.BVSP), trading 7.1% higher.

Analysts at Itau BBA considered Locaweb's decision as positive, seeing it as a way to diversify the company's investments beyond traditional mergers and acquisitions.

($1 = 5.5946 reais)

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Reporting by Peter Frontini Editing by Paul Simao

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