Brazilian Developer to Buy Back Shares

Brazil’s PDG realty plans to buy back up to 8.1m shares in the next year. The developer is repurchasing about 10% of its outstanding float in order to have “a more efficient capital structure.” PDG’s $295m IPO in January 2007 was part of a wave of Brazilian real estate developers going public, selling 45m shares at BRL14. PDG closed at BRL10.34 Wednesday, having peaked at BRL27.95 in November 2007.