LAEP Raises New Capital Through Share Sale

Bermuda-based LAEP Investments, which controls Brazilian dairy company Parmalat Brasil, has revealed in a regulatory filing that it is to raise BRL120mn (US$68mn) through a private placement. LAEP is to sell Parmalat stock to US-based investment firm Global Emerging Markets (GEM) in a deal which will also give New York-based GEM the right to buy a further 30mn shares for BRL3 each. LAEP is having to restructure after running into difficulties following a period of rapid expansion and has said the new money will be used to 'reinforce its working capital and adapt its capital structure'. The firm went on

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