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Shareholders of Brazilian brewer Companhia de Bebidas das Americas (ABV, AMBV4.BR), or AmBev, approved a five-for-one share split Friday that the company hopes will improve share liquidity.
In a filing with local securities regulators, AmBev said that shareholders will receive five shares for each corresponding common and preferred share. The amount of AmBev shares in circulation will jump to 3.5 billion compared with 700 million currently, the company said.
The share split should make AmBev's shares more attractive to local investors. AmBev shares have surged this year on strong beer sales in Brazil, where it dominates the market.
That's pushed the shares out of the range of individual investors. On Friday, AmBev's locally traded shares closed at 244.98 Brazilian reals ($144.11)
AmBev is controlled by Anheuser-Busch Inbev N.V. (BUD, ABI.BT), the world's leading brewer.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; Jeff.Fick@dowjones.com