SulAmerica Says No to Converting Preferred Shares into One Voting Stock

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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.

Tags
Stock exchange, Insurance

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