Pine hits Bovespa's free float requirement

Wednesday, January 5, 2011

Brazilian midsize bank Banco Pine has reached the 25%-minimum free float requirement set by stock exchange Bovespa, the bank said in a statement.

Pine sold some of its shares held in treasury to increase its free float level. Bovespa had given Pine, which is listed on the exchange's least strict corporate governance level - known as Nivel 1 - until January 10 to comply with the free float requirement.

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