Itaúsa asks for final approval of US$231mn capital increase

Bnamericas Published: Thursday, June 11, 2009
Brazilian holding company Itaúsa, part owner of the country's largest bank Itaú Unibanco (NYSE: ITUB), is asking its shareholders to give final approval to a 450mn-real (US$231mn) capital increase, the company said in securities filings. Itaúsa, which directly controls 36% of the ordinary shares of Itaú Unibanco and is part of IUpar, which itself owns 51% of Itaú Unibanco's common shares, plans to increase its capital to 13bn reais through the issue of 77.6mn shares, of which 29.8mn will be common shares. The plan was originally approved by the group's shareholders on April 30, but will be voted on again at an extraordinary shareholder meeting on June 29, the filings said. Itaúsa, which has stakes in a number of Brazilian firms, took in earnings of 901mn reais in the first quarter, up 28.0% from 1Q08.

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