Brazil's SulAmérica has no plans to convert stock-shareholder
SAO PAULO |
SAO PAULO Feb 28 (Reuters) - The controlling shareholder of SulAmérica Seguros e Previdencia SA, Brazil's third-largest insurer, said on Thursday he is not considering plans to endorse listing the company's stock in the "Novo Mercado" chapter of the São Paulo Stock Exchange.
Patrick Larragoiti, a representative of the family that controls SulAmérica, told investors on a conference call that "there are no discussions about that subject at the moment."
The Novo Mercado is a section of the exchange in which shares trade at a premium because of increased corporate governance.
Companies planning to list in the Novo Mercado are obliged to convert each of their preferred shares into one voting stock.
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