The oil company Prio announced on Friday that its board of directors has approved a capital increase of 200 million reais through the capitalization of resources allocated to the legal reserve of profits.
With the increase, the company’s share capital will increase from 7.63 billion reais to 7.83 billion reais, the company announced in a market-relevant fact.
“The capital increase has the objective of allowing the redevelopment of the assets managed already in production, as well as financing the drilling and subsoil connection activities of the assets under development, with the aim of enhancing their use”, Prio said.
The oil company added that the capital increase “is also necessary to finance future growth opportunities, including inorganic projects and initiatives that aim to generate value for shareholders.”
Source: Terra
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