July 12, 2019 / 1:09 PM / 3 days ago

Brazil retailer Magazine Luiza approves 1 for 8 stock split - filing

BRASILIA, July 12 (Reuters) - Brazilian retailer Magazine Luiza has approved a 1- for-8 stock split, a transaction which will keep its capital stock unchanged at 1.77 billion reais ($470 million), it said in a securities filing on Friday.

In a board meeting held on Thursday, the company decided to divide the current 190.6 million shares into 1.52 billion shares, it said in the filing.

The split aims to “provide better price levels for the Company’s shares in order to make them more accessible to investors and, consequently, to increase the liquidity of the shares,” Magazine Luiza said. (Reporting by Jamie McGeever Editing by Susan Thomas)

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