SAO PAULO, Brazil, March 10 /PRNewswire-FirstCall/ -- Camargo Correa Desenvolvimento Imobiliario (BOVESPA: CCIM3) announced the acquisition of a 25.72% stake in HM Engenharia e Construcoes, thus increasing the Company's participation in its low-income subsidiary to 76.7%. CCDI has also acquired an option for the acquisition of an additional 4.3% of HM, which will give CCDI an 81% ownership interest. The exercise date for the option is April 30, 2008.
The acquisition was done through the issuing and subscription of new common shares. The total amount paid-into HM by CCDI was R$72.2 million. The capital will be used in the financing of HM's working capital needs, thus allowing the company to tap into the high-growth Brazilian low-income housing development market potential. HM's land bank stands at approximately R$1.0 billion. In 2008 alone, HM's launchings should exceed the R$400 million threshold.
Since CCDI's acquisition of HM, two low-income housing developments were launched, on the country-side of the State of Sao Paulo, totaling R$63.8 million in potential sales.
2007 EARNINGS RELEASE SCHEDULE
CCDI announced the 4Q07 and FY2007 Earnings Release Schedule. The Company's financials and management report will be available at the CVM's (http://www.cvm.gov.br/) and the Company's (http://www.ccdi.com.br/ir) websites on March, 12, 2008 (Wednesday), after the market closing.
Teleconferences will be hosted on March 13, 2008 (Thursday). The English teleconference will start at 10AM EST (11AM Brasilia) - (+1) 800 860-2441 (USA) or (+1) 412 858-4600 (other countries); password: CCDI. The Portuguese teleconference will be held at 11AM EST (12PM Brasilia) - (+55) 11 4688 6301 - password: Camargo Correa. Both teleconferences will be transmitted live through the internet. The Link for the web cast is available at the Company's website.
For information, call CCDI's IR team at (+55) 11 3841-5880, or e-mail:
CCDI
CCDI is one of the largest Brazilian homebuilders and real estate development companies. It operates in several market segments, on major Brazilian markets, and has a R$9.8 billion land bank in terms of potential sales, with over one hundred areas for future development in cities such as Sao Paulo, Caieiras, Guaruja, Bertioga, Rio de Janeiro, Belo Horizonte, Niteroi and Vila Velha (ES). Headquartered in Sao Paulo, the Company has regional offices throughout Brazil's Southeastern region. In 2007, CCDI launched R$1.26 billion in potential sales, a 180% growth over 2006 (R$453.3 million). It holds an ownership interest in HM Engenharia e Construcoes, for the development of low-income housing in Brazil.
