BK Brasil to secure up to $196.66 million in stock offering

Brazilian fast food restaurant chain BK Brasil, a subsidiary of U.S.-based Burger King, plans to sell up to 33.4 million shares in a stock offering.

The stock offering is expected to reach up to 750 million reais ($196.66 million), representing a stake of 14.8 percent in BK Brasil.

Only shareholders such as asset managers Vinci Partners and Capital Group and Temasek Holdings Ltd. are selling part of their stakes to raise the cash.

The investment banking units of financial services companies Itau Unibanco Holding SA, Bank of America Corp. and Banco BTG Pactual SA will manage the offering.