Braskem S.A said late Tuesday it signed a sales agreement with GTM do Brasil Comercio de Produtos Químicos, a subsidiary of GTM Holdings S.A., which is one of the largest chemical distributors in Latin America.
ADRs climbed 2% intraday, touching their highest level since August 2011. They trade in a new 52-week range of $10.82 to $22.87.
As part the deal, the company will sell 100% of its ownership interests in quantiQ Distribuidora, according to a statement. The transaction is valued at BRL550 million ($172.2 million), of which BRL450 million is payable at the time of the completion of the deal, and the remainder within 12 months.
The divestment of quantiQ is in line with the company’s strategy to strengthen its petrochemicals operations, it noted in the statement.