In December 2000, BOVESPA started to operate a share trading special segment named as the Novo Mercado. This new segment aims at attracting the publicly-held corporations ready to provide further information about their businesses to the market and to their shareholders, and those committed to adopt corporate governance practices, such as differentiated administration practices, transparency and protection to the minority shareholders. The companies entering into the Novo Mercado are subject, on a voluntary basis, to certain stricter rules, undertaking, for instance:
- To issue only common shares;
- To maintain, at least, 25% of the outstanding shares pertaining to the Company’s capital;
- To detail and include additional information in the quarterly information and
- To make available the annual financial statements in the English language and based on the internationally accepted accounting principles.
Our shares were accepted for trading on the BOVESPA (São Paulo Stock Exchange)’s Novo Mercado on May 26, 2004.