SAO PAULO- Brazilian investment firm Itausa SA said on Wednesday it has sold 12 million class A shares in XP Inc for about 1.8 billion reais ($366.58 million) and now holds 11.51% of the brokerage's total capital.

Itausa sees the deal having a positive impact of about 1.1 billion reais in its first-quarter earnings, it said in a securities filing.

The move was expected as Itausa's chief executive Alfredo Setubal said last month the company would keep selling shares in XP during 2022, looking to lower its stake in the financial group and raise additional capital.

Itausa reinforced its strategy on Wednesday, saying it could still sell an additional 24 million shares in XP this year as it sees it as a non-strategic asset.

The holding company added it also needs to rebuild its cash position after its latest investments.

($1 = 4.9103 reais)

(Reporting by Gabriel Araujo, Editing by Louise Heavens)