The Brazilian Securities and Exchange Commission (CVM) decided to reverse the suspension of the public offering of the ESG (environmental, social and governance) fund of Rio Bravo Investimentos, after verifying the adequacy of the offer’s content.
The offer was suspended on November 11 of this year after the CVM’s Superintendence of Registration of Securities (SRE) identified irregularities in disclosure materials, such as information not contained in the preliminary prospectus or with the potential to mislead investors.
According to the CVM, the suspension also occurred because of the absence of a “serene and moderate language” and of information on how to access the materials for the public offering. The suspension had a term of up to 30 days, but was reversed before.
The Rio Bravo fund will invest in quotas of private credit fixed-income infrastructure investment funds (FIC-FI-Infra). According to the prospectus, the offer initially intends to raise R$ 150 million in the market.
The prospect mentions, for example, priority investments in solar, wind, sanitation, run-of-river hydroelectric plants and transmission lines. It also mentions urban mobility and railways as secondary sectors for investment.
CVM also reversed the suspension of the offer of bonds or collective investment contracts related to the real estate project Perdizes Hotel by the developer SPE STX 32 Desenvolvimento Imobiliário.
The suspension had occurred after the identification that the offer was being processed under “conditions other than those contained in the registration”, according to the CVM. After analyzing the new conditions of the offer and its adequacy, the technical area of the autarchy approved the modification and concluded that the irregularity was remedied.
Reference: CNN Brasil
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