CCR to make new share issue

Brazilian highway concessionaire holding group Companhia de Concessoes Rodoviarias (CCR) is planning a new share issue, Estado de Sao Paulo newspaper reported, citing the company's president Renato Vale. "We are going to wait for a window of opportunity for the issue," he said. "There is no [launch] date set." CCR must issue more shares in adherence to the more stringent corporate governance rules for listing on Bovespa's Novo Mercado index. The company has until February 2005 to have a minimum of 25% of its capital traded on the bourse, up from its current 16%. Funds from the issue will be used for bidding on seven lots of federal highways that will be put up for concession this year as well as another seven highway sections the Sao Paulo state government is preparing to pass on to the private sector.