Board of Brazil highway concessionaire approves US$165mn capital increase
The board of directors of Brazilian highway concessionaire Arteris, a subsidiary of Spanish infrastructure group Abertis, has approved a 600mn-real (US$165mn) capital increase.
The funds, Arteris said in a statement, will be used to support its cash needs and that of its subsidiaries.
The decision follows a capital increase agreement made between Arteris and infrastructure group Partícipes en Brasil through its subsidiary PDC Participações, both of which are also part of the Abertis group.
Abertis owns 51% of Arteris and Canada's Brookfield Asset Management the balance.
Arteris operates a total of 3,200km of highways in the states of São Paulo, Minas Gerias, Rio de Janeiro, Santa Catarina and Paraná.
The company plans to invest some 2bn reais in Brazil this year. Among the projects the group is eyeing are some 50bn reais in federal highway concessions and state road programs, such as the one in São Paulo state's infrastructure program.
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