December 28, 2018 / 4:03 PM / 3 months ago

Brazilian mall operator General Shopping transfers assets to fund; shares tank

SAO PAULO, Dec 28 (Reuters) - Brazilian mall operator General Shopping and Outlets SA will transfer all its stakes in 11 shopping malls in the country to a real estate investment fund, the company said in securities filings on Thursday and Friday.

The company’s board, in a meeting late this month, also approved payment of 829 million reais ($213.6 million) in dividends to shareholders. Around 207 million reais will be paid in cash and the rest in quotas of the real state investment fund that will receive the stakes in the shopping malls.

Common shares in General Shopping were down 8.8 percent at 6.55 reais in early afternoon trading in Sao Paulo, while the benchmark index Bovespa was up 1.9 percent.

Shareholders will receive the dividends in February, the company said, adding that shareholders who do not want to receive the dividends in real state investment quotas may opt for a perpetual local bond. ($1 = 3.8801 reais) (Reporting by Tatiana Bautzer; Editing by Dan Grebler)

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