July 23, 2018 / 10:52 PM / 4 months ago

Brazil's Via Varejo to unify all stock classes

RIO DE JANEIRO, July 23 (Reuters) - Via Varejo, an arm of Brazilian retailer GPA, said on Monday that its board of directors approved a proposal to list the company’s shares on the so-called Novo Mercado segment of the B3 stock exchange which boasts strict corporate governance rules.

In a statement, Via Varejo said that the proposal aims to raise its levels of governance and transparency, as well as increase share liquidity in the market.

The proposal implies unifying the company’s shares in a single class of ordinary stock with voting rights. (Reporting by Aluisio Alves; Editing by Sandra Maler)

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