March 12, 2020 / 6:16 PM / 21 days ago

Coronavirus hits Brazil's plans to privatize assets -official

SAO PAULO, March 12 (Reuters) - Brazil’s privatization secretary said on Thursday that concerns surrounding the coronavirus have hit government privatization plans.

“The crisis triggered by the coronavirus affects our financial markets and our privatization program,” Salim Mattar wrote through his Twitter account.

On Wednesday, Brazilian state-controlled lender Caixa Economica Federal suspended an IPO of its insurance subsidiary, confirming a previous Reuters story.

“Caixa decided to suspend an initial public offering which would raise 15 billion reais ($3.09 billion),” Mattar wrote.

The Brazilian government was planning to sell 150 billion reais of assets this year as part of a plan to reduce its corporate footprint to slim down, combat corruption and generate cash.

$1 = 4.8570 reais Reporting by Aluisio Alves; Writing by Carolina Mandl; Editing by Dan Grebler

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