Porto Seguro S.A. announces an Equity Buyback for 5,000,000 shares, representing 5.32% of its issued share capital.
January 30, 2020 at 04:18 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 5.32% of its shares outstanding. The purpose of the program is to create shareholder value. The program will be funded from company's profit reserve account. The repurchased shares will be held in treasury, canceled or sold and/or linked to the company's share compensation plan. The share repurchase program is valid until January 31, 2021. As of January, 30 2020, the company has 93,936,351 common shares outstanding in the market and 369,066 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. 
