Hapvida Shares Rise 5.3% After Making Changes to Board

By Jeffrey T. Lewis

SÃO PAULO--Hapvida Participações e Investimentos's shares rose 5.3% after the Brazilian hospital and clinic operator made a series of changes to its board.

The shares reached 3.80 reais (77 U.S. cents) and were down 29% from the end of last year through Friday's close. Brazil's benchmark Ibovespa stocks index was little changed in mid-afternoon trading.

Hapvida said Friday after the close that three members of its board resigned and that three new members were elected to replace them. The changes increase the number of independent members on the company's board to four out of nine seats, Itaú BBA analysts said in a research note

The three new members have extensive experience and the moves reflect the new situation in the company after a takeover of Grupo NotreDame Intermédica last year, the analysts said. Hapvida's controlling shareholders and executive team are taking control of the company and of the integration process, the analysts said.

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

(END) Dow Jones Newswires

05-22-23 1417ET