Brazilian state development bank BNDES has hired JPMorgan Chase & Co to manage a share offering to sell its 11% stake in pulpmaker Suzano SA , two sources familiar with the matter said on Thursday.
The stake is worth 7.2 billion reais ($1.36 billion) based on Thursday’s closing price of 48 reais a share.
JPMorgan will lead the coordination group, but more banks are still going to join it to manage de offering.
The sale is part of BNDES’ plans to divest most of its multi-billion stock portfolio, as President Jair Bolsonaro’s government tries to reduce the Brazilian state’s presence in the economy.
BNDES declined to immediately comment.
Newspaper Valor Economico reported earlier on the hiring.