[2020-09-07] Agribrasil wants a terminal as Chinese demand lifts revenue

Source: Macauhub

Brazilian grain merchant Agribrasil means to raise up to 200 million reals (about US$37.4 million) for a port terminal in southern or northeastern Brazil, Reuters reports, citing Agribrasil Chief Executive Frederico Humberg.

The news agency quotes Mr Humberg as saying Agribrasil intends to raise the money by going public next year at the B3 stock exchange, if market conditions allow.

Mr Humberg believes Agribrasil will make revenue of 1 billion reals this year, twice what it made last year, because of strong demand for maize and soybeans spurred by China.

The amount of grain Agribrasil trades will grow to 1 million tonnes this year from 450,000 tonnes last year, owing to the weakness of the real and lower logistics costs, Reuters quotes Mr Humberg as saying.