⁍ Brazilian pulp maker Suzano SA said its shareholder BNDESPar is planning a share offering to sell up to 150 million shares.

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⁍ The offering could raise 7.5 billion reais ($1.39 billion), considering closing share prices.

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⁍ This share offering is part of Brazil’s development bank BNDES unloading its multi-billion stock portfolio.

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– Brazil’s state-controlled development bank is planning to sell $1.3 billion worth of shares in the country’s largest pulp and paper maker, Reuters reports. The sale of 150 million shares by shareholder BNDESPar is part of a plan by President Jair Bolsonaro to get rid of the country’s massive stock portfolio. The final price of the shares will be set on Oct. 1, according to a securities filing. (This story has been corrected to show that the final price of the shares will be set on Oct. 1, not Sept. 18.) (This story has been corrected to show that Brazil’s development bank is unloading its multi-billion stock portfolio, as President Jair Bolsonaro’s government tries to reduce the Brazilian state’s presence in the economy.)