Sugar Producer Eyes Share Placement

Brazilian sugar and ethanol producer Acucar Guarani is planning to raise BRL193m-BRL309m through a private share placement. The top end of the range represents the amount raised if the controlling and minority shareholders fully exercise their rights, while BRL193m is the minimum guaranteed by the controlling shareholders. Guarani, whose board still must approve the raise, aims to price the shares at BRL2.00. It intends to offer a premium, citing a Friday closing of BRL2.08, though the shares traded down Monday and closed at BRL2.00. Proceeds will be used to strengthen the capital structure.