At the Special General Meeting (SGM) held on January 12th, 2012, Paranapanema shareholders approved migration of Paranapanema to the New Market of BM&FBOVESPA. The shareholders also approved restatement and consolidation of the company’s Bylaws, for the purpose of adapting it to the regulation of the New Market listing.
Currently, Paranapanema belongs to Level 1, which implies adoption of less strict transparency standards and less decision power to shareholders. In order to effect migration, in 2010 the company converted all its (non-voting) preferred shares into (voting) common shares, sole class existing in the New Market.
Upon approval of the shareholders, the company’s Board is authorized to practice all supplementary acts required to adhesion to the New Market.