SAO PAULO--Multiplus SA (MPLU3.BR), the frequent-flyer program
of Brazilian airline Tam SA, said Thursday that it canceled plans
to sell additional voting shares due to unfavorable market
conditions.
Multiplus said earlier this month that it sought to raise about
800 million Brazilian reais ($400 million) through the sale of an
undisclosed number of new shares.
Multiplus was the first customer-loyalty program in Brazil to
list shares on the Sao Paulo exchange. This year, however, Smiles,
the frequent-flyer program of Gol Linhas Aereas Inteligentes (GOL,
GOLL4.BR), said it planned to list shares on the exchange. Last
month, Smiles published a preliminary prospectus for its share
sale, but didn't say how much it planned to raise, nor did it
specify when it will carry out its initial share offering.
Tam, Brazil's biggest airline by market share, was merged with
Chile's Lan last year to form Latam Airlines Group (LFL, LAN.SN),
the region's biggest carrier and one of the world's 10 biggest
airlines.
Write to Paulo Winterstein at paulo.winterstein@dowjones.com