Porto Seguro S.A. announces an Equity Buyback for 5,000,000 shares, representing 5.3% of its issued share capital.
January 31, 2018 at 05:01 pm EST
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Porto Seguro S.A. (BOVESPA:PSSA3) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 common shares, representing 5.30% of its shares outstanding. The repurchased shares will be held in treasury and will be subsequently cancelled or sold. The company will fund the repurchase from the funds available in the revenues reserves account. The purpose of the program is to create shareholder value. The share repurchase program is valid until February 1, 2019. As of January, 31 2018, the company has 94,313,191 common shares outstanding in the market and no shares held in treasury.
Porto Seguro SA is a Brazil-based company primarily engaged in the automobile insurance sector. The Company's activities are divided into six business segments: Car insurance, which offers automobile insurance products; Health insurance and plans, which provides health and dental insurance policies and healthcare plans; Life insurance and pension plan, which includes life insurance products and management of pension plans; Other insurance, which provides other non-life insurance policies; Financing, which is involved in the credit transactions, and Other, which mainly includes insurance services provided in Uruguay. In addition, the Company offers a range of services not related to insurance activity, such as electronic protection and surveillance and distribution of automotive parts. The Company is controlled by Porto Seguro Itau-Unibanco Participacoes SA.
PORTO SEGURO S.A. 
