Brazilian Share Buybacks Continue

Brazilian companies continue to take advantage of fallen share prices by repurchasing their own stock. BRMalls is among the latest and plans to buy back 7m shares, or 10% of the outstanding total, over a one-year period. The shopping mall manager’s shares closed Monday at BRL7.00. Power generator Energisa has also filed for a one-year program to repurchase up to 6.7m shares, noting they are “undervalued and lacking liquidity.” Energisa closed Monday at BRL6.60. Banco Cruzeiro do Sul plans to buy back up to 10% of its float (3.6m shares) in the next 60 days. The mid-size bank’s shares closed Monday at BRL4.36.