By Brazil Stock Guide – Copel (CPLE3) said it has completed its long-planned migration to B3’s Novo Mercado, Brazil’s top corporate-governance listing segment, marking a decisive step in the company’s post-privatization strategy to streamline its capital structure and appeal to global investors. As a result of the move, the Paraná-based utility now has only common shares outstanding, all trading under the ticker CPLE3 on B3, the company said in a material fact released on Monday (Dec. 22).
The migration eliminates preferred shares and consolidates trading into a single class of equity, a structure widely seen by investors as more transparent and shareholder-friendly. Novo Mercado companies are required to comply with stricter governance rules, including enhanced disclosure standards and stronger minority shareholder protections, bringing them closer to international best practices.
For Copel, the shift is designed to reinforce credibility after a period of structural change. The company was privatized in 2023, ending decades of state control by the government of Paraná, and has since focused on reshaping its governance framework to support long-term value creation. Management said the new structure simplifies decision-making and aligns voting rights with economic ownership.
“This achievement represents much more than a change in listing segment,” Copel said in the filing, adding that the move reflects a strategic commitment to governance excellence and to strengthening investor rights. The company also said it aims to consolidate its position as a benchmark within Brazil’s electricity sector as capital markets place increasing emphasis on governance quality.
Ownership and corporate structure
Copel was privatized in 2023 and today operates as a widely held corporation with no defined controlling shareholder. The State of Paraná remains the largest voting shareholder, holding 27.6% of common shares and 15.9% of total capital, in addition to a golden share that grants veto rights over specific strategic decisions involving critical assets and long-term investments.
From an economic standpoint, the largest stake belongs to BNDESPAR, which holds 22.0% of Copel’s total capital, largely concentrated in preferred shares, which do not confer control. The remainder of the equity—61.5% of total capital—is held in market custody, reflecting a high free float and broad participation by domestic and international investors. The ownership structure preserves public-interest safeguards while maintaining a governance model centered on market discipline and value creation for all shareholders.areholders.
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