News from Banco do Brasil, Oi, Pague Menos, Tesla and JBS – Finance News

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Pague Menos (PGMN3) opens 61 new stores in 4Q22

Empreendimentos Pague Menos (PGMN3) opened 61 new stores in the fourth quarter of 2022 (4Q22), ending the year with a portfolio of 1,646 stores, spread across 389 municipalities, across all states.

The information was disclosed after the market closed on Wednesday 25.

In the cumulative result for the year, 118 stores were opened, two fewer than the forecast of 120 openings.

The company explained that the two remaining stores, originally scheduled to open in December 2022, have been pushed back to January 2023.

“The organic expansion of 118 stores in 2022, coupled with the integration of nearly 400 Extrafarma stores, whose acquisition was completed on August 1, 2022, represented the largest expansion of the store network in the company’s history, growing by 41% compared to the end of 2021”, highlighted Pague Menos.

Banco do Brasil: José Sasseron is appointed to the position of Vice President of Corporate Governance and Sustainability

The Banco do Brasil (BBAS3) informed after the close of the market this Wednesday 25, that José Ricardo Sasseron has been appointed to fill the position of Vice-President of Corporate Governance and Sustainability.

Sasseron was a career employee at Banco do Brasil for 32 years. He was Security Director of Previ (Caixa de Previdência dos Trabalhadores do Banco do Brasil), between 2006 and 2012, as well as being a Deliberative Advisor of the institution, between 2004 and 2006.

He was a member of the Board of Directors of Vale, from 2008 to 2012, and of Fras-le, from 2013 to 2017. He was a member of the CNPC (National Council of Complementary Pensions), from 2011 to 2014, and president of the Association National of Participants in the Pension Fund and Beneficiaries of Self-managed Health Plans (AVAPAR), from 2001 to 2010.

“The appointment is being approved by the competent governing bodies in view of the election by the Board of Directors”, specified BB, recalling that the Vice-President who currently holds the respective office continues to perform his duties regularly until upon the nomination of the candidate.

B3 asks Oi for explanations after the shares soar

The B3, the Sao Paulo Stock Exchange, asked Oi (OIBR3, OIBR4) for an explanation after the sharp rise in tele shares.

In this Wednesday’s trading session, the 25th, common shares were up 34.6%. On the 24th they increased by 22.83%.

The number of contracts and the quantity traded also fluctuated sharply.

Oi specified that “there are no relevant facts or acts which, in his opinion, could justify possible atypical fluctuations in the number of trades and the quantity traded of the company’s shares, other than those widely communicated to the market”.

Tesla (TSLA34) posts a profit of $3.6 billion

Tesla (TSLA34) reported net income of $3.68 billion for the fourth quarter of 2022 (4Q22). This value corresponds to an increase of 59% compared to the same period in 2021.

Adjusted earnings per share reached $1.19. Refinitiv’s consensus calls for earnings per share of $1.13.

The company’s Adjusted Ebitda was US$ 5.404 billion in 4Q22, up 32% compared to 4Q21.

Total revenue was $24.3 billion, up 37% from the same quarter in 2021. Refinitiv’s consensus forecast was $24.1 billion.

JBS “vehemently” denies claims that it simulated transactions to defraud creditors

JBS (JBSS3) has “vehemently” denied claims that it faked transactions to defraud creditors. The statement is contained in a release sent to the Brazilian Securities and Exchange Commission (CVM).

The autarchy asked the company to comment on the veracity of the information in an article published in the Valor Econômico newspaper on January 24, entitled “The courts oblige JBS to pay the debts of the slaughterhouse”.

According to the article, two recent court decisions recognized JBS as the successor to financially struggling refrigerators. One was issued by the Superior Court of Justice (STJ) and the other by the Court of Justice of Mato Grosso do Sul (TJMS). In both cases, the rulings underline that the acquisitions were made in a “disguised” manner so as not to face the liabilities of a judicial recovery process or the extinction of the acquired companies, Valor said.

JBS confirmed in its response to the CVM on Wednesday 25, the existence of the aforementioned processes, but highlighted that “they do not have a definitive and unappealable decision”.

The company qualified the article as “frivolous” for addressing the issue of “corporate succession” in such a “simple and out of context” way.

For JBS, in addition to being a highly controversial topic debated by jurists, lawyers and the judiciary, it is still awaiting a peaceful definition by the courts of the Brazilian legal sphere. “In the cases in question, the news thus focuses exclusively on the opinion of the lawyer of one of the parties opposing the company, which obviously deviates and will obviously diverge from the company’s lawyers,” says JBS.

In its response to the CVM, JBS also highlighted that it has chosen not to provide clarifications to Valor as it reserves the right to remain silent on the case, so as not to anticipate any information or strategy on the trial that is still under discussion.

“The dispute on the merits will be fought in the records, in court, not in the press, not on the material facts,” he explained.

JBS also pointed out that this is one of the “several big problems” caused to publicly traded companies: being called upon to take sides on pending lawsuits. If there is a dispute underway, explains JBS, obviously the parties will have conflicting understandings on the facts in question.

“Therefore, commenting on the ongoing processes, according to the company, only creates confusion for investors, since there is no definitive decision that materializes the risks and which can be used to make fully informed decisions, and can weaken the positions in the file, from the as the disputes remain without legal stabilization,” the company points out.

JBS said it will make every effort to discuss the matter to a last resort and that it will charge the company that leased the property to it, as well as “hold the real estate leasing company and its partners liable, which it will ultimately indemnify JBS any damages, since it is not a matter of company succession, but of the lessor’s debt unduly charged to the lessee”.

The company also noted that the processes mentioned in the news “have a remote likelihood of having, individually or in combination, a potential impact on the decision to invest in JBS, as they do not affect creditworthiness or ability to pay.”

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