October 8, 2018 / 11:26 AM / 15 days ago

Founder of Brazil's Qualicorp pledges to purchase $39 mln in shares

SAO PAULO, Oct 8 (Reuters) - Jose Seripieri Filho, a shareholder and founder of Brazilian healthcare insurer Qualicorp SA, has pledged to acquire at least 150 million reais ($39.1 million) worth of the company’s shares, the firm said late Sunday night.

In a securities filing, Qualicorp said its board also decided that related party transactions involving the company and shareholders would be approved in a general shareholders’ meeting in the future.

Brazil-listed shares in Qualicorp slid 22 percent last Monday after the firm said it agreed to pay Seripieri 150 million reais in return for a pledge not to sell his shares or compete with the company.

Qualicorp said at the time that the payment represented nearly one-third of its current cash and financial investments. ($1 = 3.84 reais) (Reporting by Gram Slattery; Editing by Jeffrey Benkoe)

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