Guararapes will migrate to B3’s Novo Mercado – Money Times

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To enter the Novo Mercado, the company must comply with certain rules, such as converting preferred shares into common shares (Image: Disclosure / Guararapes)

A Guararapes (GUAR3) approved the start of the process for its migration to the Novo Mercado, the highest level of governance in the B3 (B3SA3), shows a relevant fact sent to the market on Monday (26).

“Once the interactions with B3 are concluded, the company’s Board of Directors should meet once again with a view to calling the Extraordinary General Meeting to resolve on the amendment to the bylaws and on adherence to the rules of the Novo Mercado”, he informed the company company in the statement.

To enter the Novo Mercado, the company must comply with certain requirements, such as the conversion of preferred shares into ordinary shares, which gives direct voting rights, and adopt corporate governance practices in addition to those required by Brazilian law.

“Listing in this special segment implies the adoption of a set of corporate rules that expand the rights of shareholders, in addition to the disclosure of policies and the existence of inspection and control structures”, informs B3 on its website.

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