Net faces additional capital requirement, analysts reckon
quinta-feira, 04 de julho de 2002 , 14h28 | POR REDAÇÃO

On the São Paulo Stock Exchange (Bovespa), Net hit lows of 10% at certain times during the trading session on Wednesday, June 3, recovering slightly to close on 1.59 reals, down 8% on the day. The consensus among analysts is that the capital increase of 1 billion reals announced by the company some weeks ago won?t be sufficient. The company will have to seek around 20% more in the stock market, they reckon. That means the new share issue could be priced lower than originally intended (1.74 reals). Analysts cite two main reasons for the additional requirement: (1) depreciation of the real against the US dollar will hurt the company?s financial performance in the second quarter; (2) there are no indications of an improvement in operating revenue. Investors may also be worried about signs that the Marinho family are shedding a significant proportion of their equity interest, leaving the burden of control to BNDES, the national development bank.


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