Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 303

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 303
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2023, the Group completed the acquisition of Bari Gestao De Recursos Ltda. renamed to VBI Securities Ltda (“ Bari”), a subsidiary of the Group. Bari is an asset management company focused on real estate investment products. The Group accounted for the transaction as an asset acquisition since the principal lead asset consisted of contractual rights in the management of its investment fund representing substantially all of the fair value of the gross assets acquired. There is no operational process in the entity as of the closing date. All activities, systems and industry knowledge will be taken over by VBI management.

(m) On November 1, 2023, the Group acquired control of Gestoría Externa de Portafolios S. A. renamed to Patria Asset Management S. A. (“ PAM”) by acquiring 50.74

(n) On November 3, 2023, the Group completed the acquisition of Move Capital S. A. and Morc Gestora de Recursos de Crédito Ltda. renamed to VBI Capital Ltda. (collectively, “ Move”), subsidiaries of the Group. Fifty

(o) This entity, with limited or no activity, was dissolved during the period and had no significant accounting impact.

(p) This entity was merged into VBI Holding Ltda.

(q) SH Manco Holding Ltd. was established during 2024 to hold the investment in Uliving Holding S. A., an associate within the of VBI group of entities. The Group now holds 75 43.19

6Cash and cash equivalents

                                                          December 31, 2024                  December 31, 2023              
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash at bank and on hand (a)                                                   30,608                             12,029  
  Short-term deposits and shares of mutual funds (b)                              2,810                              4,021  
  Cash and cash equivalents                                                      33,418                             16,050  

(a) The increase in cash and cash equivalents is mainly attributable to cash generated by new businesses acquired during 2024 with GPMS in the United Kingdom being the main contributor combined with existing businesses continuing to generate positive cash flows.

(b) Short-term deposits and shares of mutual funds are cash equivalents held for the purpose of meeting short-term cash commitments with maturities of three months or less from the date of acquisition and subject to insignificant risk of changes in value.

The following