Log Commercial Properties e Participações SA said its shareholders approved its spinoff from Brazilian homebuilder MRV Engenharia e Participações SA.

As a result of the transaction, 32,045,013 shares owned by MRV in Log Commercial will be attributed directly to MRV shareholders at a ratio of 0.07215075382 share to 1 share of MRV.

Log Commercial will join MRV as a listed company in the Novo Mercado segment of Brazil's B3 stock exchange, according to a release.