São Martinho S.A. announces an Equity Buyback for 8,000,000 shares, representing 5.21% of its issued share capital.
November 27, 2017 at 04:09 pm EST
Share
São Martinho S.A. (BOVESPA:SMT03) announces a share repurchase program. Under the program, the company will repurchase up to 8,000,000 common shares, representing 5.21% of the common shares outstanding. The shares repurchased will be held in treasury. The company will fund the program from the funds available in the capital reserves account and accumulated revenues. The purpose of the program is to fulfill the obligations under the long-term incentive plan for the company's officers. The share repurchase program is valid for 18 months, until May 27, 2018. As of November 27, 2017 the company has 153,483,171 common shares outstanding and 5,431,517 common shares in treasury.
Sao Martinho SA is a Brazil-based sugar and energy company. The Companyâs operations include the production and marketing of sugar, ethanol, electricity and other products from sugarcane. Sao Martinho SAâs operations comprise four mills: Sao Martinho, Santa Cruz and Iracema, as well as Boa Vista. The Companyâs portfolio includes multiple types of sugar, including white, very high polarity and very-very high polarity sugar (VHP and VVHP). Sao Martinho SA produces hydrous ethanol (for ethanol-fueled vehicles), anhydrous ethanol (used as a fuel additive) and industrial grade ethanol for other purposes. It also generates electricity from sugarcane bagasse. The Company has several subsidiaries, including Sao Martinho Terras Agricolas SA, Sao Martinho Terras Imobiliarias SA, Bioenergia Sao Martinho Ltda and Bioenergetica Santa Cruz SA.
SÃO MARTINHO S.A. 
