History - Tenda RI

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Stage I (1993-2007) – Foundation and first steps

1993

Tenda is founded in the city of Belo Horizonte under the name Construtora Tenda Ltda. The first activities began in January 1994.

1994 – 2006

After six years of operations in Belo Horizonte, Tenda promotes its first expansion in 1999 to São Paulo. In 2006, Tenda also started to operate in Rio de Janeiro.

2007

In 2007, Tenda made a stronger move towards growth, settling in the metropolitan areas of Salvador, Porto Alegre, Goiânia, Brasília and Vitória.

On October 15, Tenda was listed on B3 (then Bovespa) after initial public offering (IPO) of 67 million shares at the price of R$ 9.00, with a distribution of R$ 603 million and a 55.07% of its shares outstanding.

Stage II (2008 to 2011) – Gafisa incorporates Tenda to access the affordable housing market

2008

In October 2008, Tenda incorporated FIT Residencial Empreendimentos Imobiliários Ltda., previously controlled by Gafisa. As a result of the merger, Gafisa diversifies its operating segments and enters the affordable housing sector, becoming Tenda’s controlling shareholder with a 60% interest in the outstanding shares.

2009

Brazilian federal government creates the Minha Casa Minha Vida (MCMV) program.

In December 2009, the merger of Tenda’s shares into Gafisa is approved, with the exchange of Company shares for the shares of its parent company.
As a consequence of the merger of shares, the Company becomes a wholly-owned subsidiary of Gafisa and Tenda is delisted from B3.

Tenda and Gafisa share the same organizational structure.

Strong cycle of business expansion.

2011

Operational challenges lead to a R$ 660 million net loss in 2011.

Gafisa implements new organizational structure that results in a new leadership team for Tenda, fully dedicated to the affordable housing sector.

Stage III (2012 to 2016) – Creation and development of the current business model

2012

Restructuring and downsizing: new leadership team interrupts launches to solve ongoing projects (currently known as the Legacy projects).

Strategic repositioning: Tenda develops a new business model, with projects to be launched starting in 2013.

2013-2015

Focus on delivering the Legacy projects.

Launches under a new business model, anchored in four pillars:

Project financed at launch
Integrated sales and transfer
Standard construction method
Internal sales force

New Business Model is implemented in 6 metropolitan regions in Brazil: São Paulo, Rio de Janeiro, Belo Horizonte, Porto Alegre, Salvador e Recife.

2016

Beginning of the corporate separation process between Tenda and Gafisa.

Stage IV (2017 onwards) - Tenda gets relisted to B3 and begins gradual expansion of activities

2017

Completion of the separation process between Tenda and Gafisa: Tenda gest relisted at B3 on May 4

Beginning of the negotiations in the B3 Novo Mercado, the highest level of Corporate Governance, on June 28

New Board of Directors announced on July 26

Tenda expands business model to the 7th metropolitan region in Brazil: Curitiba

2018

Tenda expands business model to the 8th metropolitan region in Brazil: Goiânia

2019

TEND3 becomes one of the 100 most traded stocks at B3 and the company enters the IBRX 100 index.