February 28, 2013 / 2:40 PM / in 5 years

Brazil's SulAmérica has no plans to convert stock-shareholder

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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