This excerpt taken from the PBR 6-K filed Aug 13, 2008.
20.1 Paid-up Capital
In the Extraordinary General Meeting, held together with the Ordinary General Meeting on April 04, 2008, approved the increase to the Companys share capital from R$ 52.644.460 thousand to R$ 78.966.691 thousand, by capitalizing part of the revenue reserves and part of the capital reserves, amounting to R$ 26.322.231 thousand of which R$ 1.019.822 thousand from the capital reserve, consisting of R$ 169.142 thousand of the Merchant Navy AFRMM subsidy reserve and R$ 850.680 thousand from the tax incentives reserve and R$ 25.302.409 thousand from the retained earnings reserve, without issuing any new shares, in accordance with article 169, paragraph 1 of Law No. 6404/76.
As at June 30, 2008, subscribed and paid up capital amounts to R$ 78.966.691 thousand and is divided into 5.073.347.344 common shares and 3.700.729.396 preferred shares, all of which are book-entry shares with no face value.