Carrefour Brasil was incorporated on August 13, 1980, for an indeterminate period. We are controlled by Carrefour S.A., which controls Carrefour Group, headquartered in France, Europe’s second-largest retailer, present in more than 30 countries.

Since our IPO in July 2017, we have only voting shares listed in B3’s Novo Mercado under the ticker CRFB3.

On May 8, 2017, anticipating what would later become a requirement in the new Rules of Novo Mercado, B3 exempted us from the 25% free-float requirement and set our minimum free-float at 15% of our capital stock, provided that:

  • following the IPO, the free-float financial volume equal at least R$3,000,000,000.00; 
  • the minimum average daily trading volume (ADTV) of shares issued by the Company equal or exceed R$25,000,000.00, which is evaluated monthly, and considering a 12-month period, after 18 months, as of our IPO.

In the event that we do not meet this 12-month ADTV requirement, which began on the 30th month as of the date of IPO, our 15% free-float requirement will be automatically reauthorized for an additional 18-month period. At the end of the second 18-month period, our free-float will have to correspond to either:

  • 25% of our capital stock; or
  • 15% of our capital stock, if the ADTV of our shares throughout the preceding 12-month period reaches R$25,000,000.00 for six consecutive months.

In compliance with the requirements set forth above, failure to meet the free-float requirement will subject us and our controlling shareholders to the sanctions foreseen under the Rules of Novo Mercado.

The exemption is also conditioned upon the Company’s commitment to certain corporate governance practices that also became requirements in the current version of the Rules of Novo Mercado.