Hapvida Shares Fall 5% After Nursing-Salary Bill Sent to Congress

By Jeffrey T. Lewis

SÃO PAULO--Brazilian healthcare services provider Hapvida Participações e Investimentos SA's shares fell 5% after Brazil's government sent a bill to Congress that would allow a minimum salary for nurses to take effect.

Shares reached 2.28 reais, the equivalent of 45 cents, and are down 53% from the end of last year through Tuesday's close. Brazil's benchmark Ibovespa stocks index was down 1.9% in mid-morning trading.

The administration of Brazilian President Luiz Inácio Lula da Silva on Tuesday sent a bill to Congress providing funding for setting a national minimum salary for nurses employed by the public healthcare system. The minimum salary would also apply to nurses employed in the private sector.

The law establishing the minimum was approved last year, but Brazil's Federal Supreme Court suspended it until the government provided funding for the salary increases provided by the legislation.

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

04-19-23 1029ET