Brazil Has Improved, Says Businessman Abilio Diniz After Going Public with Carrefour Retailer

07/21/2017 - 11h03

On Thursday (the 20th) businessman Abilio Diniz said that Brazil is doing "much better". According to him, the country is demonstrating signs of economic recovery and he urged other entrepreneurs to "believe in the country".

"We need to love our country more and we must believe in it. We can't just complain all the time. We need to do our part and businessmen have to take responsibility. We need to get the ball rolling and be at the forefront of growth. This country needs to increase its productivity."

The statements were made during a speech Mr. Diniz gave at the B3 (the former BM&FBovespa) for an event that was organized so he could announce that Carrefour would be going public. Not only is he a Carrefour shareholder, but he is also a member on the company's board of directors.

According to Mr. Diniz, Carrefour Brasil's IPO (initial public offering) - the biggest operation of the kind in the last four years - "proves that Brazil is a strong country that can overcome its hardships and now it's back on its feet".

The IPO rendered the Diniz family's investment firm, Península, R$ 850 million (US$ 272 million) in gross revenue. The company sold 56.8 million shares.

"When we started working on this IPO, throughout the entire process, but especially recently, people would say: 'you're crazy, you're going to do an IPO this big with Brazil in its present state?' And yet here we are, doing it."

Despite Mr. Diniz's optimistic speech, as soon as markets opened, stocks fell by 4.3%. At the end of its first day, the company's stocks went up by 0.67%, closing at R$ 14.90 (US$ 4.77).

Translated by THOMAS MATHEWSON

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	Danilo Verpa/Folhapress
	According to Mr. Diniz, Carrefour Brasil's IPO "proves that Brazil is a strong country that can overcome its hardships and now it's back on its feet"