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Financial News: BRF: Pedro Parente Accepts Nomination As Candidate For

BRF: Pedro Parente Accepts Nomination As Candidate For Board Chairman

04/19/2018 - 20:29:00 (RTTNews)

(RTTNews) - Pedro Parente, the current president of the Brazilian state-owned oil company Petrobras, accepted Ab?lio Diniz's invitation as a potential substitute for the chairmanship of BRF's board of directors.

In a statement to the B3 stock exchange, Parente said that if he is elected at the general shareholders meeting scheduled for next Thursday (26), he will resign from the B3 board.

In a statement to the market, Petrobras said nothing should change in its board activities if Parente is elected to the BRF board.

Rumors that Parente could become BRF's board's chairman have led the company's shares to rise 9.51% in the Ibovespa.

BRF has been facing disagreements since early March with Previ and Petros - the pension funds of Banco do Brasil and Petrobras, respectively. Both funds called for a full board replacement after BRF recorded a R$ 784 million loss in the fourth quarter of 2017, 77.4% higher than the R$ 442 million loss posted in the same period of the previous year. Investors expected a profit of around R$ 187.52 million in the last quarter of 2017.

Three plates were presented to date to the election of a new board of directors.

In a statement, Petros said that it agrees with Parente's nomination.

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