BTG PACTUAL WILL PROMOTE MEETING IN JULY TO APPROVE SEPARATION OF COMMODITIES TRADING ACTIVITIES

An extraordinary shareholders meeting will be held on July 14 to approve the proposed separation of BTG Pactual’s commodities trading activities, the company said in a regulatory filing.

To form the new company, called Engelhart Commodities Trading Partners (CTP), BTG Pactual will create a different class of shares which could be converted into units of Grupo BTG Pactual, the bank’s most-traded stock category. BTG Pactual will transfer up to $1 billion in Engelhart CTP stock to its shareholders.