August 11, 2017 / 2:21 AM / a year ago

Brazil's BRF may sell up to $165 mln in stock to boost cash

SAO PAULO, Aug 10 (Reuters) - Brazilian food processor BRF SA said late on Thursday that its board of directors authorized the company to sell up to 13.4 million shares currently held by its treasury department.

The move, which could fetch as much as 525.2 million reais ($165.4 million) based on the stock’s closing price at the São Paulo stock exchange, aims to strengthen its cash position and reduce financial leverage, BRF said in a securities filing.

Earlier the company reported a wider-than-expected net loss of 167 million reais in the second quarter, the third consecutive quarterly loss, as it continued to reel from the effects of a food safety probe announced in March.

$1 = 3.1751 reais Reporting by Ana Mano; Editing by Richard Pullin

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