RIO DE JANEIRO, March 7 (Reuters) - Stocks controlled by Brazilian billionaire Eike Batista’s EBX oil, energy, port, shipbuilding, mining and real estate group surged in early trading on Thursday after the group announced a partnership with Brazilian investment Bank BTG Pactual SA.
Weighed down by construction and production delays and missed output targets, EBX-controlled companies have seen their share prices fall sharply over the last year. Concerns have grown that the companies, most still in the start-up phase, will have difficulty producing enough cash to fund operations and pay debt.
The association with BTG Pactual BBTG11.SA will give the group’s companies access to finance and management advice, EBX said in a statement late Wednesday. [ID:nL1N0BYJ02]
Shares of OGX Petroleo e Gas Participacoes SA (OGXP3.SA), Brazil’s second-largest oil company by market value, rose 14.4 percent to 3.34 reais. Iron ore miner MMX Mineracao e Metalicos SA (MMXM3.SA) rose 14.8 percent to 3.57 reais
Port and real estate group LLX Logistica SA LLXL3.SA rose 10.4 percent to 2.44 reais. Shipbuilding and ship leasing company OSX Brasil SA (OSXB3.SA) climbed 5.7 percent to 7.07 reais.
Natural gas and electricity company MPX Energia SA MPXE3.SA rose 0.6 percent to 11.12 reais.
(Reporting by Jeb Blount; editing by John Wallace)
((Jeb.Blount@thomsonreuters.com)(+55-21-2223-7143)(Reuters Messaging: email@example.com)) Keywords: EBX PACTUAL/
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