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The new management of Gafisa (GFSA3) plans to create value for society in the long term, said the leader Ana Recart, who took office in October, on appointment of the largest shareholder , GWI, investor Mu Hak You. "We will not close the capital and will not liquidate it (Gafisa).
GWI, known for its struggles when investing in large companies, as was the case in Saraiva, owns 48.7% of the promoter. At Gafisa, the strategy was no different: the group removed the board and the executive committee, occupying these positions with Mu Hak's trusted people. Recart was president of GWI Real Estate, a real estate subsidiary.
GWI then began a restructuring plan at Gafisa, based on a drastic cost reduction, resulting in the dismissal of about half of the employees. Rio office, postponement of launches, revision of contracts and suspension of payment to suppliers. "With the lighter society, we will also be ready to grow," said Recart.
During the previous two years, the company had already undergone a restructuring. But unlike other promoters who have already resumed their growth, Gafisa has kept a stock of real estate and high debt. Its ratio of net financial debt to equity was 87.8% at the end of the third quarter, one of the highest in the sector.
Despite this, the new president said he was optimistic. In its valuation, the company is viable and has sufficient badets to cover its financial commitments, without having to renegotiate debts or re-inject resources.
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According to Recart, the company has badets of R $ 3.4 billion, for a debt of R $ 960 million. "To face this debt and allow society to be reborn, our first step was a turnaround."
The company also proceeded, even with the cash drawer, to repurchase shares. The president of Gafisa defended the measure: "This shows that we have confidence in the company." In order to pay the bill, she said the company could sell five properties in Rio, a city where she no longer intends to act.
Layoffs
Ana Recart confirmed the information that the company had cut 50% of revenue "If we do not need to do it, we will terminate it, and if we have to do it, let's see if he is the best supplier in the region. " The company is in the process of "collapsing" with its suppliers, who complain about late payments. Recart says he hopes to solve the problem by January. He denies that there is a delay in the work of the 18 flower beds that the company has today active. The information comes from the newspaper O Estado de S. Paulo
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