USA: AmBev Announces a Share Buyback Program and Payment Of Interest on Shareholders' Equity
The program will be provided for by Brahma's unappropriated retained earnings account of the consolidated balance sheet as of December 31, 1999, up to the amount of R$ 400 million. Brahma's Board of Directors also approved following brokers in Brazil to implement the program: Deutsche Bank, Santander Brasil, Bradesco S.A. CTVM, Itau Corretora de Valores S.A.
Additionally, in a meeting of AmBev's Board of Directors on December 13, 2000, the distribution of interest on shareholders' equity in the amount of R$ 4.40 per thousand common shares and R$ 4.84 per thousand preferred shares was approved for shareholders of record on December 22, 2000. The shares will trade ex-rights as of December 23, 2000. Brazilian income tax of 15% will be withheld from this payment, resulting in a net distribution of R$ 3.740 per thousand common shares and R$ 4.114 per thousand preferred shares. Payment is scheduled to begin on February 20, 2001.
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