June 23, 2010 / 11:14 AM / 9 years ago

Brisa to pay off debt after CCR sale-spokesman

LISBON, June 23 (Reuters) - Portuguese toll road operator Brisa BRI.LS will pay off all of its 400 million euros in short-term debt with the proceeds from the sale of its stake in Brazil’s CCR, a company spokesman said on Wednesday.

Brisa announced on Wednesday it had decided to sell its 16.35 percent stake in CCR (CCRO3.SA), anticipating to make 1.2 billion euros ($1.61 billion) in proceeds from the operation. [ID:nLDE65M0ML]

“Part of the income generated from this operation will be used to pay off short-term debt, which is about 400 million euros,” the spokesman said.

Brisa’s total debt is 3.33 billion euros. The short-term part of it has a maturity of up to one year.

The spokesman said that apart from paying off short-term debts, Brisa intends to focus on business opportunities in Turkey and India with the gains from the CCR sale, hoping to replicate the investment model it used with CCR.

No extraordinary dividend is planned, he said.

“At this moment, no extraordinary dividend of any kind is planned,” the spokesman said. “The company is seeking opportunities of profitable growth and only if they don’t exist, will any (dividend) be distributed.”

Brisa stocks were up around 3.7 percent at 5.49 euros around midday in Lisbon, while the broader market was practically flat. (Reporting by Patricia Rua; writing by Axel Bugge)

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