Hapvida Shares Fall 3.4% After Follow-On Share Sale

By Jeffrey T. Lewis

SÃO PAULO--Shares of Hapvida Participações e Investimentos SA were 3.4% lower Thursday after the health services provider said it sold 1.1 billion reais of shares in a follow-on offer.

The company's shares reached BRL2.59, equivalent to 53 cents, and are down 44% from the end of last year through Wednesday's close. Brazil's benchmark Ibovespa stocks index was down 0.5% in early trading.

Hapvida said Wednesday after the close that it sold 395 million new shares at a price of BRL2.68 apiece. The shares will start trading on April 14, the company said.

Hapvida said in late March that it hired advisers to study and set up a potential share sale and that the Pinheiro family, which controls the company, would buy BRL360 million of the shares if a sale takes place.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

April 13, 2023 10:04 ET (14:04 GMT)

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