The sale reportedly took place through a block trade that put shares in JBS on auction during early trading in the Sao Paulo stock exchange on Wednesday, February 16.

Each share was sold for R$37.52 (US$7.25), representing a 3% discount from Tuesday’s closing price.

BNDES reports that the move is part of the bank’s strategy to fully divest its stake in the company, the latest since it sold 70 million shares of the meatpacker in December.

Source: Reuters

At the time of writing, US$1 = R$5.17.