September 26, 2018 / 1:03 PM / 2 months ago

Brazil's BNDESPar raises 2018 divestment target to $2.9 bln -report

SAO PAULO, Sept 26 (Reuters) - The holding company of Brazil’s development bank, BNDES, has increased its 2018 divestment target to 12 billion reais ($2.9 billion) from 10 billion reais, Chief Executive Dyogo de Oliveira told newspaper Valor Econômico on Wednesday.

Oliveira said BNDES Participações SA, known as BNDESPar, should sell stakes in local companies, particularly after Brazil’s presidential election in October.

BNDESPar has already sold 6 billion reais in shares in Brazilian companies such as Petróleo Brasileiro SA and Centrais Elétricas Brasileiras SA.

BNDES did not immediately comment on the matter.

$1 = 4.0766 reais Reporting by Carolina Mandl; Editing by Steve Orlofsky

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