Regions

SulAmerica Says No to Converting Preferred Shares into One Voting Stock

Close
February 28
10:09 PM 2013

Patrick Larragoiti, a representative of the Larragoiti family who has the majority control of Brazilian insurance company SulAmerica, said in a statement that there are no considerations for endorsing the company's stock to be listed in the "Novo Mercado" chapter of Sao Paul Stock Exchange.

During a conference call, Patrick told investors that he has no plan to list their stock of the company in the chapter.

The Novo Mercado is a section of the Sao Paulo Stock Exchange in which there is a trading of shares at a premium due to rising corporate governance.

Under the section's terms and conditions, all listed firms are compelled to convert the shares that they prefer into one voting stock.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics