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Preferred share block trade helps Banco Pine meet free float requirement

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Preferred share block trade helps Banco Pine meet free float requirement

Banco Pine SA said it completed a block trade in which it sold 3,784,515 preferred shares, helping the bank reach a free float of 24.71%.

The number of shares sold surpassed the minimum amount the bank was hoping to sell by more than 45%, according to a regulatory filing. As a result, the bank said it will be able to meet the Brazilian stock exchange's minimum free float requirement prior to an established deadline.

A 180-day lockup period for the shares started on Dec. 13 and will end on June 11, 2018, the bank said.