The Brazilian Investment Partnerships Program (PPI) council approved the decision in an extraordinary edition of the country’s Official Gazette published on Sep. 16. These and other points were discussed in a public hearing held by the Brazilian Social Development Bank (BNDES) on the concession of the Santos Port Authority to the private sector. The public hearing stressed that worker retraining should adhere to market standards on the topic of labor. Other aspects of the privatization model were underlined, such as the auction winner acquiring ownership of SPA in conjunction with the signing of the concession contract for Port exploration, and the concession length of 35 years, with a possible extension of another five. As per the latter, shares will be offered to employees and retirees under the same conditions the Federal Government will provide the new investor, which is 10% of the capital stock, and the obligation to capitalize the company.
Sources: A Tribuna/Datamar News