Cosan Quits Wall Street and Spins Off Its US$490 Million Farmland Arm
Cosan is delisting its US shares, spinning off farmland unit Radar II and reshuffling managers as the Brazilian group works to cut debt and simplify. The post Cosan Quits Wall Street and Spins Off Its US$490 Million Farmland Arm appeared first on The Rio Times .
Cosan, a major Brazilian energy and infrastructure company, has decided to delist its US-traded shares and spin off a farmland unit as part of a comprehensive restructuring effort. The move comes after a year-long effort to cut debt and simplify the company's corporate structure. Cosan's US-listed shares, known as ADSs, traded under the ticker CSAN on the New York Stock Exchange, but trading volume had been thin for some time.
The company deemed the New York listing to be no longer worth the associated fees and paperwork. Meanwhile, its core market remains Brazil, where Cosan's shares continue to trade on B3, the country's primary stock exchange. The delisting is expected to take effect on October 1, following approval from shareholders. This strategic shift is part of a broader effort to streamline Cosan's operations, reduce debt, and streamline its management team.
The company's net loss for the quarter decreased significantly, dropping from R$946 million to R$320 million, marking a 66% reduction compared to the same period a year earlier. Overall, Cosan's restructuring aims to improve efficiency and financial health, while maintaining its vital presence in the Brazilian market.
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