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Shareholders of MRV Engenharia's commercial properties unit approve spinoff

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.