The Coelho Diniz family increased its stake in the Pão de Açúcar Group to 24.6% and requested the formation of a new board.

Grupo Pão de Açúcar (GPA) announced this Sunday, the 24th, through a material fact, that businessmen André Luiz Coelho Diniz, Alex Sandro Coelho Diniz, Fábio Coelho Diniz, Henrique Mulford Coelho Diniz, and Helton Coelho Diniz increased their shareholding in the retailer to 24.6%. As a result, they requested a meeting be called to form a new board of directors, reflecting their representation within the company.

With a stake of nearly a quarter of the voting capital, the Coelho Diniz family has established itself as the shareholder with the largest shareholding in GPA.

The family owns the Coelho Diniz supermarket chain, founded in Governador Valadares (MG) in 1992 and which currently has 22 units in the Minas Gerais municipalities of Ipatinga, Timóteo, Coronel Fabriciano, Caratinga, Manhuaçu and Teófilo Otoni, in addition to Governador Valadares.

GPA, currently undergoing an operational restructuring process, has relied on market support to reduce debt and adjust its business portfolio. The request for an extraordinary meeting follows recent changes to the fiscal council, following the recent resignations of two members, André Francez Nassar and Diego Xavier Mendes.

With the current board of directors' unanimous approval of the EGM, the move should pave the way for a new board composition, more aligned with the Coelho Diniz family's interests. How the market reacts to the board redesign could indicate investor confidence in the company's future.

According to people close to the company, the move is considered "natural," as the family group has become the majority shareholder and should reflect this position on the board. One person who closely follows the company assessed the news as "positive," as the Coelho Diniz family was already on the board and increased its shareholding amid the restructuring process led by the current management.