The board of Empresa Brasileira de Correios e Telégrafos SA, Brazil’s state-run post office commonly known as Correios, on Monday created an investment holding company to oversee its interests in firms outside its core business, according to a statement.
Some of those business ventures include the administration of a minority stake in Rio Linhas Aéreas SA, and creation of an information technology company to generate digital communications solutions with Valid Soluções SA and another for mobile telephony in a joint venture with Italy’s Poste Mobile SpA, among others.
The name of the investment holding company will be CorreiosPar, which will also manage a financial services venture with state-run Banco do Brasil SA, the nation’s largest bank by assets, the statement added. Correios will control 100 percent of CorreiosPar, according to the statement. (Editing by David Gregorio)