HAPVIDA PARTICIPAÇÕES E INVESTIMENTOS S.A. By Jeffrey T. Lewis
SÃO PAULO--Hapvida Participações e Investimentos SA's shares jumped 18% after the Brazilian hospital and healthcare company said it sold assets worth 1.25 billion reais, the equivalent of $242 million.
The shares reached BRL2.62 and are down 56% from the end of last year through Monday's close. The benchmark Ibovespa stocks index was up 1.3% in mid-morning trading.
Hapvida said Monday after the close that it had sold 10 properties to the Pinheiro family, which controls the company, after receiving six bids in a competitive process. The sale was part of Hapvida's plan to divest assets and shows that its controlling shareholders are committed to the company's business model, Hapvida said.
The company also said it has hired advisors to study and set up a potential share sale and that the Pinheiro family would buy BRL360 million of the shares if a sale takes place.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
03-28-23 1038ET
