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In 2009, PREVI announced an important strategic move aiming to consolidate Invepar as a great Brazilian company in terms of infrastructure. New partners were incorporated into the company: Petros and Funcef. With an input of R$ 290 million each, Invepar became stronger to compete for new concessions (by competition-based pricing, it won the right to operate Highway Raposo Tavares in Sao Paulo) and to acquire complete control of the Rio de Janeiro subway (Metro Rio).
In the case of Metro Rio, PREVI and other partners financed the structured operation to purchase 114 new cars, which make up 19 trains. The trains are being built in China and will arrive in around 2011. They represent the first large investment in new equipment since the subway system was inaugurated. PREVI has supported the investment decisions of the Metro Rio Board of Directors so it can be perceived by the Rio de Janeiro population as the city’s cleanest, safest, and most efficient means of transportation.
With these new measures, PREVI reduced its participation in Invepar from 83% to 51.38%, in line with the Regulatory Adjustments of Plan 1. On the other hand, Invepar has increased in value and therefore PREVI’s participation rose from R$ 70.20 million to R$ 1.12 billion, according to the economic assessment in the end of 2009.
In 2009, the incorporation of Sadia into Perdigão resulted in the foundation of BRF - Brasil Foods, which was born as one of the largest food enterprises in the world.
The equity position of PREVI in Brasil Foods became 13.65% by consolidating previous participation in Perdigão (which used to be 14.16%) and Sadia (7.33%), as well as a portion of stocks purchased an additional position in the public offer.
521 ParticipaÇÕES
521 Participações is a company formerly used to purchase CPFL and Neoenergia stock. In view of the cost reduction with the management of this vehicle and tax planning, stocks were transferred from the above-mentioned companies (CPFL and Neoenergia) to PREVI portfolios. This will lead to a cost reduction of approximately R$ 3 million per year.
Oi/Brasil Telecom
In January, the control of Brasil Telecom Participações was purchased by Telemar Norte Leste S.A. (operating company of Grupo Oi) for R$ 1.6 billion. In July, Anatel revoked Act 11,740, which vetoed the participation of PREVI in the Oi administration. We thus began participating in the management of the company. In 2010, the merger is expected to be fully consolidated and additional value to the stockholders is expected to increase.
ALL
In October, PREVI participated in the private emission of convertible debentures while exercising its right to subscription by means of R$ 50 million with immediate ON stock conversion to the control group.
Ponta do FÉlix
In November, PREVI sold its participation in the port Ponta do Felix, located in the state of Paraná, for R$ 25.5 million. The payment was completed by the end of 2009. Thus, PREVI managed to provide liquidity to a venture purchased in 1996 that proved to be incompatible with our expectations of profit.
In 2009, PREVI purchased approximately R$ 600 million worth of investments in new high-level commercial real estate. These acquisitions are in step with optimistic prospects for the real estate sector and with the process of portfolio renovation.
The acquisitions include Tower A and Tower C of the condominium Parque Cidade Corporate, located in Brasilia. Tower A, a 12-story building of 21 thousand m² containing 756 parking spots, was purchased in June. Tower C, currently in construction and displaying similar characteristics, was purchased in November from the same company.
Another important operation was the acquisition of two towers of the condominium WTorre Nações Unidas, located in Sao Paulo. The 11-story and 13-story buildings both share a rentable area of 30,800 m². The WTorre Nações Unidas is one of the few Brazilian enterprises silver-rated by LEED (Leadership in Energy and Environmental Design), an environmentally sustainable system of standards.
The month of May saw the conclusion of the sales negotiation process of Edifício Princesa Isabel, located in Copacabana Beach and famous for igniting firework waterfalls during Rio de Janeiro New Year’s Eve Celebrations at the Hotel Le Meridien. Selling the building was considered the best option since the operations contract was terminated and there would need to be further investment in order to revitalize the building.
Hopi Hari
In July, PREVI negotiated its full participation with the company Íntegra. This allowed its withdrawal from stock ownership, thus avoiding both the need for partners to commit more capital in order to keep the theme park running and the need for assuming liabilities resulting from the potential liquidation of the enterprise.
