June 29, 2020 / 11:30 AM / 8 days ago

Brazil's Grupo Dimed plans $146 mln share offering, conversion to single stock class -report

SAO PAULO, June 29 (Reuters) - Brazil’s Grupo Dimed , owner of drugstone chain Panvel and drug distribution company Dimed, is preparing a share offering that could reach 800 million reais ($146 million), Brazilian financial blog Brazil Journal reported on Monday.

The offering will be managed by the investment banking units of Banco Bradesco SA, Itau Unibanco Holding SA and Banco BTG Pactual SA, the blog said.

The company, which has low liquidity in Brazil’s stock exchange, plans to convert all its shares into common stock and join Novo Mercado, a market segment with higher governance rules.

The company did not immediately reply to a Reuters request for comment.

$1 = 5.4840 reais Reporting by Tatiana Bautzer;m Editing by Steve Orlofsky

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