By Rogerio Jelmayer
SAO PAULO--Brazilian shopping-center operator Aliansce Shopping Centers SA (>> Aliansce Shopping Centers SA) is planning a share sale that could raise up to 420.6 million Brazilian reais ($200 million), as it seeks fresh funding for the expansion of its business activities.
The company will sell up to 19.25 million shares on Dec. 10 and Dec. 11, it said in a statement Monday.
Based on the company's Friday closing price of BRL21.85, it could raise up to BRL420.6 million.
Proceeds will be used to acquire stakes in shopping centers across the nation, develop new units and expand some of its existing operations, the company said.
Banco Itau BBA, Banco Bradesco BBI, Banco BTG Pactual and Credit Suisse will coordinate the operation.
Aliansce is controlled by U.S.-based General Growth Properties Inc. (>> General Growth Properties Inc), which raised its stake in the company to 45.6% from 31.44% for $195.2 million in August.
Aliansce owns interests in 18 malls, three of which are under development, with a total gross leasable area of about 6.5 million square feet.
Write to Rogerio Jelmayer at firstname.lastname@example.org
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