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December 26, 2012
09:23 EDTGOLGol Linhas rises after step toward potential 'Smiles' IPO
U.S. listed shares of GOL Linhas (GOL), a low-cost and low-fare airline in Latin America, are up over 8% in pre-market trading after the company announced late Friday that the company has segregated the activities of its "Smiles" loyalty program. The company has previously announced to the market that it is analyzing the possibility of holding an initial public offering of Smiles S.A., although there is no estimate or prediction as to when these analyses will be concluded, according to the company's press release. The company added that it "would like to emphasize that that no decision has been taken regarding this matter and that it may or may not conduct the IPO or an alternative operation in regard to Smiles S.A." Also late Friday, GOL reported operational data for the month of November. The company said its domestic supply in November fell by 16.9% year over year, which was in line with GOL's strategy to adjust supply to the national industry's new cost levels. The company also said its domestic load factor increased by 5 percentage points over November 2011, to 69.1% from 64.1%, primarily due to the decline in supply.
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