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Luz Saude proposes to abandon public company status

Luz Saude SA proposed to abandon its public company status due to its concentrated share capital.

The proposal comes from privately held insurance provider Fidelidade - Companhia de Seguros SA, which — along with its indirect parent, Shanghai-based Fosun International Ltd. — owns 98.788% of Luz Saude.

Luz Saude shareholders will vote on the proposal at an extraordinary general meeting scheduled April 13.

Should the proposal pass, the Lisbon, Portugal-based healthcare facility operator will delist its shares from trading on the regulated market. Fidelidade also agreed to buy the Luz Saude shares from stockholders who voted against the proposal.