August 5, 2016 / 8:20 AM / a year ago

RPT-BRIEF-Fincantieri unit VARD increases stake in Vard Promar to 95.15 pct

(Adds additional Reuters Instrument Code for Vard Holdings Ltd.)

Aug 5 (Reuters) - Fincantieri SpA :

* Said on Thursday that its subsidiary Vard Holdings Limited, (VARD is 55.63 pct controlled by Fincantieri), has increased its ownership stake in its indirect subsidiary in Brazil, Vard Promar, to 95.15 pct

* Vard Promar, previously held 50.5 pct by VARD’s wholly-owned subsidiary, Vard Group AS, and 49.5 pct by a local partner, PJMR Empreendimentos Ltda

* Following the recent closure of the Vard Niteri shipyard, the Group will concentrate all its Brazilian shipbuilding activities on the new yard, located in the Suape industrial area, in the state of Pernambuco

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