Braskem concludes quantiQ sale

Tuesday, April 4, 2017

Brazilian petrochemical producer Braskem has concluded the sale of its subsidiary quantiQ to Guatemala-based industrial group GTM.

In a statement, the São Paulo-based firm said it has already received 450mn reais (US$144mn) for 100% of quantiQ's capital stock. An additional 100mn reais will be paid by GTM within the next 12 months, it added.

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Controlled by private equity firm Advent, GTM has operations in Mexico, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Colombia, Ecuador, Peru and Argentina, as well as Guatemala.

Braskem last week delayed the release of its 2016 results for a second time as it grapples with the impact of Brazil's Lava Jato corruption probe.

In December, Braskem said it had accepted a 3.1bn-real fine as part of a leniency deal with local prosecutors. The company is also facing a lawsuit in the US for allegedly providing false statements to shareholders.