SAM sells 11% stake in Brazil's HRT
Memphis-based Southeastern Asset Management (SAM) has sold a 30mn-real (US$14mn) stake in Brazilian oil and gas startup HRT.
In a statement released on Tuesday, the Rio de Janeiro-based firm said SAM had offloaded 34,073,008 shares, equating to 11.45% of the company's stock.
"The investor does not hold, directly or indirectly, any additional securities, subscription rights or call options and clarifies that [it] withdraws from the company's corporate structure," HRT said.
HRT's share price has fallen almost 80% this year and traded at 0.90 reais on São Paulo's benchmark Bovespa index at midday on Tuesday.
Last month HRT said it was seeking partners to monetize its Solimões basin assets in Brazil's Amazon.
The company has failed to produce oil or gas from the area despite drilling at least 14 wells in the past two years.
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