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.