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Banco do Brasil proposes to trade 64 million shares held in treasury

Banco do Brasil SA will ask its shareholders to approve a measure allowing the bank to trade up to 64 million company shares that are held in treasury in an effort to strengthen capital and bolster future results.

The proposal, which is equivalent to about 80% of the 80.4 million total shares held in treasury, will be considered during an April 25 shareholder meeting.

Once approved by shareholders, the transactional structure of the treasury shares will be defined and implemented by the board of directors. The board will only be able to determine the destination of the funds obtained from the sale of the shares if the proposal gains approval.

The bank said the move would not have an impact on the composition of the shareholding control or on the administrative structure.