The American asset manager BlackRock, one of the largest in the world, has increased its stake in the Brazilian company Totvs (TOTS3). The company announced the move on Monday, April 20.
Acting on behalf of some of its clients, BlackRock acquired ordinary shares issued by Totvs. As of April 16, its aggregate holdings amounted to 59,794,269 ordinary shares and 103,923 American Depositary Receipts (ADRs). These ADRs represent 207,846 ordinary shares.
This brings BlackRock’s total holding to 60,002,115 ordinary shares. This stake represents approximately 10.010% of the total ordinary shares issued by the company. BlackRock also holds 346,100 financial derivative instruments referenced to ordinary shares with cash settlement, representing approximately 0.058% of the total ordinary shares.
BlackRock stated that the acquisition of this equity stake is not aimed at changing the shareholding control or the administrative structure of Totvs.
Totvs is a prominent Brazilian provider of business management software, technology platforms, and services. Founded in 1983, the company serves a wide range of clients across Latin America, from small businesses to large enterprises. Its activities are closely watched by investors as an indicator of technology adoption and corporate spending in the region.
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