Brazilian court authorizes Petrobras to sell shares in subsidiaries in Pernambuco.
Petrobras informed yesterday (23) that a decision by the Federal Regional Court (TRF) of the 5th Region granted a suspensive effect that allows the sale of shares in Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe); according to the state-owned company, the sale continues the relevant fact disclosed to the market on January 31 of this year.
Cristina Índio do Brasil - Reporter for Agência Brasil
Petrobras announced yesterday (23) that a decision by the Federal Regional Court (TRF) of the 5th Region granted a stay of execution allowing the sale of shares in Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe). According to the state-owned company, the sale continues the relevant fact disclosed to the market on January 31 of this year.
Now, Petrobras can proceed with the sale operation, in a project that is part of five transactions whose contracts can be signed according to a precautionary decision by the Federal Court of Accounts (TCU). The relevant fact for this was disclosed on December 20, 2016, and in it the company provides clarifications on divestment processes that were suspended by the TCU and by preliminary injunctions from the Judiciary.
The TRF (Regional Federal Court) prevented Petrobras from initiating new divestment projects and signing ongoing sales contracts until a decision on the merits of the company's divestment procedures was reached. Five transactions in the final stages of negotiation, which could proceed and have contracts signed, were excluded from the ruling. Among them were the sale of Petrobras' stake in PetroquímicaSuape and Citepe.