en.Wedoany.com Reported - The Special General Meeting of shareholders of Irani Papel e Embalagem formally approved the Gaia XII Project (Projeto Gaia XII), also known as the Minas Gerais Paper Expansion Project (Expansão Papel MG). The total capital expenditure for this expansion plan is 514 million BRL, with net capital expenditure amounting to 453 million BRL. The project's target completion date is 2029.
The expansion plan includes a comprehensive overhaul of existing machinery, deployment of new systems, boilers, and a wastewater treatment station, along with the implementation of new automation systems and improvements to the plant's infrastructure, aligning its operational standards with the company's other facilities. The company expects the project to bring an annual production capacity increase of approximately 36,000 tons to the plant. Additionally, paper quality and performance are expected to improve, including reduced basis weight, and operational efficiency will be enhanced, specifically reflected in lower steam and energy costs.
Beyond the Minas Gerais project, the Board of Directors also granted preliminary conceptual approval for the company's next investment cycle strategy—the Neos Platform (Plataforma Neos). This plan aims for organic growth through the construction of two new packaging plants and one new paper machine. The company did not disclose specific amounts or details. According to the resolution, the Board authorized management to proceed with feasibility studies for the Neos Platform. Each investment or project within this new cycle must be submitted to the Board for specific analysis and approval before execution.
In terms of capital operations, Irani also approved a 30 million BRL increase in share capital through the capitalization of profit reserves. According to the company's disclosure, shareholders present at the meeting represented 57.24% of the outstanding common shares. Meeting minutes indicate that the capital increase source is the company's retained earnings reserve. The proposal was voted on, receiving 131.9 million votes in favor, approximately 7,000 votes against, and 21,200 abstentions. This operation does not involve the issuance of new shares; the change in share capital results from the cancellation of treasury shares, a measure approved by the Board of Directors in September 2025. According to the resolution, Irani's total share capital increased to 676.9 million BRL, divided into 230.5 million common shares, all registered shares without par value.
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