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Ultrapar Participações S.A. (B3:UGPA3 / NYSE: UGP), a company engaged in natural gas distribution, has announced through a Form 6-K filing with the SEC that it has become the controlling shareholder of Hidrovias do Brasil S.A. ("Hidrovias"). This development follows the completion of Hidrovias’ capital increase, where Ultrapar’s subsidiary, Ultrapar Logística Ltda., converted its Instrument of Advance for Future Capital Increase ("AFAC") into new shares issued by Hidrovias.
As a result of the capital increase, Ultrapar Logística now holds approximately 50.15% of Hidrovias’ total share capital, marking Ultrapar’s transition to the role of the original controlling shareholder since Hidrovias’ initial public offering. Ultrapar has expressed confidence in Hidrovias’ potential for value creation and has committed to supporting the company’s growth and management model.
In a related organizational update, Ultrapar has also announced leadership changes at Hidrovias. Mr. Décio de Sampaio Amaral, who has led Ultracargo since 2019, will assume the position of CEO of Hidrovias. The transition process is expected to conclude by the end of June 2025, with Mr. Fabio Schettino continuing to support Hidrovias and Ultrapar as a consultant. Additionally, Mr. Fulvius Tomelin will take over as the President of Ultracargo, bringing his extensive experience in the fuel and biofuel sectors to the role.
This strategic move by Ultrapar underscores its commitment to the logistics sector and its long-term investment in Hidrovias. The news is based on a press release statement, and the financial details of the transaction were not disclosed in the filing.
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