June 18, 2013 / 1:17 PM / 4 years ago

STXNEWS LATAM-Brazil's ALL denies report on capital increase plan

América Latina Logística SA, Brazil’s largest rail operator, on Tuesday denied a report by Valor Econômico saying the company was considering a capital increase to fund expansion and the upgrade of some assets. A spokeswoman for the company said the Valor report “was completely false.”

According to Valor, ALL, as the Curitiba, Brazil-based company is known, may need as much as 3.5 billion reais ($1.6 billion) in fresh capital. Shares of ALL tumbled 5 percent to 9.5 reais early on Tuesday.

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