Profarma´s shares are listed for trading in the Bovespa under the symbol “PFRM3”. Profarma has entered into an agreement with the Bovespa to list its shares in the “Novo Mercado” the highest level of the differentiated corporate governance practices.
In 2000, the Bovespa introduced three special listing segments, known as Level 1 and 2 of Differentiated Corporate Governance Practices and New Market (Novo Mercado). The listing segments were designed for the trading of shares issued by companies voluntarily undertaking to abide by corporate governance practices and disclosure requirements in addition to those already imposed by Brazilian law. These rules generally increase shareholders´ rights and enhance the quality of information provided to shareholders. To be listed on the Novo Mercado, in addition to the obligations imposed by current Brazilian law, an issuer must meet specific requirements, including the following:
Issue only common shares;
Grant tag-along rights to all shareholders in connection with a transfer of control of the company, the acquirer being required to hold a public offer for acquisition of the shares to the other shareholders, at the same price per share paid for the controlling block;
Ensure that shares of the issuer representing at least 25% of its total capital are effectively available for trading;
Adopt offering procedures that favor widespread ownership of shares whenever making a public offering;
Comply with minimum quarterly information disclosure standards;
Within two years after listing shares on the Novo Mercado, prepare annual financial statements in English in accordance with international accounting standards, such as U.S. GAAP or International Financing Report Accounting Standards (IFRS);