The family of Jorge Fontura Pinheiro Collen de Lima, Hapvida’s CEO and the company’s controlling shareholder, bought about 250 million reais worth of shares, according to people familiar with the matter. The company itself acquired an additional 500 million reais in shares, said the person, who requested anonymity because the information has not yet been made public.
Spokespeople representing both the company and the family did not respond to requests for comment.
The buy came after Hapvida reported third-quarter results that frustrated investors. Earnings before interest, taxes, depreciation and amortization (EBITDA) were about 11% below the average analyst estimate compiled by Bloomberg.
Hapvida stock fell 49% on Thursday, its biggest decline on record. This decline reduced the market value by approximately 7 billion reais.
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