BR Distribuidora debuts on São Paulo exchange
Brazilian fuel distributor BR Distribuidora, a unit of state-run oil firm Petrobras, made its debut on the São Paulo stock exchange BM&FBOVESPA on Friday.
The company launched its IPO on the Novo Mercado (new market), according to Petrobras.
During the ceremony, Petrobras CEO Pedro Parente highlighted the corporate governance improvements BR Distribuidora has undergone in recent months.
"We have approved new statutes requiring a minimum percentage of 50% of independent directors and fostered all necessary improvements for the company to adhere to the Novo Mercado standards," he said.
With the IPO, BR Distribuidora becomes the 140th company listed on the Novo Mercado, which requires distinctive corporate governance standards and is recommended for companies wishing to carry out large offerings to investors.
In the IPO, Petrobras sold 27.85% of the company as part of its 2017-18 divestment plan to reduce debt and bankroll deepwater oil production.
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