PARIS, Sept 19 (Reuters) - Water company Odebrecht Ambiental, part of Brazil’s Odebrecht conglomerate, plans to list some of its shares next year or in 2016, the company’s CEO said, which could value it at around $3 billion.
Odebrecht Ambiental, Brazil’s biggest water and waste water group, is 70 percent owned by Grupo Odebrecht SA, Latin America’s largest engineering group, and 30 percent by Brazil’s FGTS worker compensation and retirement fund.
“We are planning an IPO (initial public offering) for 2015, no later than 2016, depending on market conditions,” Odebrecht Ambiental CEO Fernando Santos-Reis told Reuters in an interview in Paris on Friday.
He said Grupo Odebrecht wanted to keep majority control and that FGTS had not yet decided whether it would sell some of its shares. The water firm would sell less than 49 percent of its shares, probably via a capital increase.
Last year, FGTS valued Odebrecht Ambiental at 6.4 billion reais ($2.7 billion) in its accounts, which would mean that an IPO of 25 percent of the firm’s capital - a level often seen for initial listings in Brazil - could raise about $700 million. (1 US dollar = 2.3624 Brazilian real) (Reporting by Geert De Clercq. Editing by Jane Merriman)