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(Correction to the fourth paragraph for the co-vice chairman of the board of directors, not the chairman)
SAO PAULO (Reuters) – Via Varejo, the GPA arm of the furniture and appliance trade , said Monday board of directors approved a proposal to list the company's shares in the Novo Mercado segment of B3 with the stricter rules of corporate governance.
In a statement, Via Varejo said that the proposal aims to raise its levels of governance and transparency
The proposal involves unifying the shares of the company into a single category of shares, all ordinary, with the right to vote. At present, the company is trading in the market through units, the receipts representing a combination of one common share and two preferred shares.
The co-vice president of GPA, Ronaldo Iabrudi, said that 43.3% of the shares of Via Varejo, after the announcement of the conversion of shares. Currently, the GPA holds 51% of the voting capital of the subsidiary Via Varejo, whose restructuring prepares it to enter the B3 Novo Mercado.
The announcement comes about a year and a half after the GPA announced its intention to reject the Via Retail, to focus on retail food. Via Varejo holds the flags of Pontofrio and Casas Bahia. [nL2N1L31AO]
The group pbaded in February for an exchange of command, Flávio Dias taking the presidency of Via Varejo instead of Peter Estermann, who took the presidency of the GPA. [nL2N1QA0UG]
In recent years, a number of large companies listed on the traditional segment or Level 1 of B3, segment with more flexible governance rules, have migrated to the New Market, including Vale, Suzano and Eletropaulo.
In 2018, Via Varejo's units are down more than 20%, against rivals B2W and Luiza Magazine, which have already increased by 45% and 62% respectively since the beginning of the year.
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(By Aluísio Alves)
Copyright Thomson Reuters 2018
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