July 25, 2018 / 3:55 PM / 4 months ago

GPA executive says Via Varejo move to new stock exchange segment will aid sale

SAO PAULO (Reuters) - The migration of electronics retailer Via Varejo SA (VVAR3.SA) to the Novo Mercado segment of Brazil’s main stock exchange will help food retailer GPA (PCAR4.SA), the firm’s parent, sell the unit, an executive said on Wednesday.

Talking with analysts following second quarter results, GPA Co-Vice Chairman Ronaldo Iabrudi said that GPA itself was not considering moving to the Novo Mercado, which has higher corporate governance standards than the rest of the exchange.

Reporting by Gabriela Mello; Writing by Gram Slattery

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