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Brazil's Cosan issues $113 million in new shares as part of restructure


By Reuters Staff
2 Min Read
FILE PHOTO: The company logo for Cosan is displayed on a screen on the floor of Brazil s B3 Stock Exchange in Sao Paulo, Brazil, July 25, 2019. Picture taken July 25, 2019. REUTERS/Amanda Perobelli
RIO DE JANEIRO (Reuters) - Brazilian sugar and ethanol producer Cosan SA will issue roughly 638 million reais ($113 million) of new share capital to fully incorporate shareholders of subsidiary Cosan Logistica SA, the company said on Tuesday.
In December, Cosan said it planned to undergo a reorganization and list American Depository Shares, or ADSs, for the first time.
Under the restructuring, Cosan Limited, or CZZ, thecompany’s financial arm, as well as logistics branch CosanLogistica, itself a CZZ subsidiary, are to be fullyincorporated into Cosan. ....

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