Braskem, Expected to Resume Trading on NYSE This Week, Nominates New Board Chairman
22 October 2019 - 10:33AM
Dow Jones News
By Maria Armental
Brazilian petrochemical company Braskem SA's director Roberto
Lopes Pontes Simões is slated to take over as board chairman, the
company said Monday.
Mr. Simões's appointment, succeeding fellow Odebrecht SA
appointee Marcelo Moses de Oliveira Lyrio, would open up a seat on
the board.
A shareholders' meeting to formalize the appointment & elect
a new director is yet to be scheduled.
São Paulo-based Braskem has been trying to move on from its
involvement in a sprawling corruption investigation known as Car
Wash that enmeshed its owners: Brazilian construction conglomerate
Odebrecht, the controlling shareholder, and Brazilian oil company
Petróleo Brasileiro SA, or Petrobras.
Braskem's American depositary receipts are expected to resume
trading on the New York Stock Exchange under its old ticker BAK
this week.
The company's ADRs had been trading in New York over the counter
since the company failed to meet a deadline to file annual
financial disclosure forms with the Securities and Exchange
Commission. Braskem has since filed the forms and remediated a
series of material weaknesses, including in its anti-corruption
compliance program and controls and so-called "tone at the top"
shortcomings.
Braskem reported a profit of R$2.87 billion ($740.2 million) for
2018, compared with R$3.92 million for 2017 and a net loss of
R$729.2 million for 2016, according to securities filings.
Net revenue, meanwhile, fell to R$11.57 billion ($2.99 billion)
in 2018 from R$13.08 billion in 2017 and R$12.68 billion in
2016.
In the most recent financial forms filed with the SEC, Braskem
noted the possibility of a change in control, given Odebrecht's
bankruptcy filing and its attempt to sell its Braskem stake to
petrochemicals giant LyondellBasell Industries NV.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 21, 2019 19:18 ET (23:18 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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