Bank of America cuts stake in Brazil’s GOL to 3.74%

Bank of America NA and its subsidiaries have disposed of shares in GOL Linhas Aéreas Inteligentes (G3, Sao Paulo Congonhas) so that, as of April 13, they held 10,243,944 preferred shares, representing 3.74% of the total number of shares, the airline announced in a stock market disclosure dated April 20. This is down from a 12.64% stake the investment bank held in the Brazilian low-cost carrier in April 2019 when it last acquired a significant number of shares in the airline. GOL said that “for the purposes of Article 12 of the Brazilian Securities Exchange, Bank of America hereby informs that on April 13, 2021, it held through various subsidiaries: cash-settled shares that total 8,766,308 preferred shares representing 3.18% of the total outstanding preferred shares issued by GOL Linhas Aéreas Inteligentes” and 1,477,636 physically settled shares that represent 0.53% of the total. The filing did not reveal how many shares Bank of America held immediately before the disposal.