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This excerpt taken from the PBR 20-F filed May 22, 2009. Restrictions
on Non-Brazilian Holders
Non-Brazilian holders face no legal restrictions on the
ownership of our common or preferred shares or of ADSs based on
our common or preferred shares, and are entitled to all the
rights and preferences of such common or preferred shares, as
the case may be.
However, the ability to convert dividend payments and proceeds
from the sale of common or preferred shares or preemptive rights
into foreign currency and to remit such amounts outside Brazil
is subject to restrictions under foreign investment legislation
which generally requires, among other things, the registration
of the relevant investment with the Central Bank of Brazil.
Nonetheless, any non-Brazilian holder who registers with the CVM
in accordance with Resolution No. 2,689 may buy and sell
securities on the São Paulo Stock Exchange without
obtaining a separate certificate of registration for each
transaction.
In addition, Annex III to Resolution No. 1,289 of the
National Monetary Council, as amended, known as Annex III
Regulations, allows Brazilian companies to issue depositary
receipts in foreign exchange markets. We currently have an ADR
program for our common and preferred shares duly registered with
the CVM and the Central Bank of Brazil. The proceeds from the
sale of ADSs by holders outside Brazil are free of Brazilian
foreign investment controls.
This excerpt taken from the PBR 20-F filed Jun 30, 2005. Restrictions on Non-Brazilian Holders
Non-Brazilian holders face no legal restrictions on the ownership of our common or preferred shares or of ADSs based on our common or preferred shares, and are entitled to all the rights and preferences of such common or preferred shares, as the case may be.
However, the ability to convert dividend payments and proceeds from the sale of common or preferred shares or preemptive rights into foreign currency and to remit such amounts outside Brazil is subject to restrictions under foreign investment legislation which generally requires, among other things, the registration of the relevant investment with the Central Bank of Brazil. Nonetheless, any non-Brazilian holder who registers with the CVM in
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Table of Contentsaccordance with Resolution No. 2,689 may buy and sell securities on the São Paulo Stock Exchange without obtaining a separate certificate of registration for each transaction.
In addition, Annex V to Resolution No. 1,289 of the National Monetary Council, as amended, known as Annex V Regulations, allows Brazilian companies to issue depositary receipts in foreign exchange markets. We currently have an ADR program for our common and preferred shares duly registered with the CVM and the Central Bank of Brazil. The proceeds from the sale of ADSs by holders outside Brazil are free of Brazilian foreign investment controls.
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