Confirming reports, BM&FBOVESPA SA said it will suspend 16 companies from public trading due to a lack of compliance with one or more of the stock exchange operator's rules.

In a statement sent to S&P Global Market Intelligence, the BM&FBOVESPA said it would disclose the names of the companies under suspension following market trading Jan. 27.

According to a Valor Econômico report, the reasons for the suspensions include late submissions of financial statements and other documents, delays in the payment of annual fees charged by the bourse, and a share price of below 1 Brazilian real for 30 consecutive days.

BM&FBOVESPA CEO Edemir Pinto will send a letter to each company informing them that their shares will be suspended beginning March 6 unless they remedy their respective infractions, the publication noted.

As of Jan. 25, US$1 was equivalent to 3.17 Brazilian reais.