Focusing on Jreissati’s restructuring, Athena Capital’s Carlos Rodrigo, with the holding that controls Iguatemi, believes there is a clear premium in JPSA3 shares. In his view, the new structure would be a real win-win for the controlling party and minority shareholders.
Under the proposal, Jreissati, the holding company that controls Iguatemi, would acquire 100% of the shopping center company, in addition to bearing its name, and begin trading in units on the stock exchange. As a result, IGTA3 shares will not be traded in B3’s Novo Mercado, the top corporate governance sector, with units remaining at level 1.
The two companies said, in a statement, that the operation aims to simplify the institutional structure of the two companies, “unifying the rules of their shareholding without a single company, without changing their control structure, thus providing an increase in the liquidity of their shares and a greater capacity for investment and growth.”
“There are a number of benefits in both parts as the operating company’s holding company absorbs leaving Novo Mercado and moving towards a ‘superiority’ structure. The company will continue with all the benefits saved in the platform. The minority will get a 10% award. JPSA3 is practically Iguatemi, but it has a discount. This is due to the liquidity discount (Greissati’s volume is low) and several financial shortcomings arising from the current holding structure,” Rodrigo said of the company’s restructuring.
With business consolidation, Iguatemi 365, a digital initiative from Jereissati and Iguatemi, should gain more traction. This initiative aims to anchor Iguatemi in the digital environment through the e-commerce platform for the shopping mall network. Technology has developed aggressively and already offers more than 14 thousand products, many of which are exclusive brands.
With 5% of the money in the letter, Rodrigo believes in the thesis, among other reasons, because of the positive exchange ratio (in which the shares will become one unit) and the modification of the share that the company owns Infracommerce, a company that provides technology, marketing, logistics and payments services to brands interested in selling Online.
Jreissati’s full evaluation is shown in the video above. To watch, just press play.
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