GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas) shareholders have voted in favour of a restructuring of the carrier's overall ownership in an effort to improve the carrier's appeal to potential foreign investors.
In the wake of Brasilia's decision to increase the limit on foreign shareholdings in local airlines from 20% to 49% in November last year, Gol shareholders have now voted in favour of allowing non-voting shareholders to hold board seats in addition to a clause which restricts the sale of shares held by the Controlling Shareholder - the Constantino brothers who collectively own a 61.22% stake in the company.
The budget carrier's other major shareholders include Delta Air Lines (6.1%), Air France-KLM Royal Dutch Airlines (1.53%), Fidelity Investments (2.48%).
Bloomberg financial news states Gol's stock has become so inexpensive that its shares are worth less than the value of the carrier’s 54% stake in its loyalty program, Smiles SA.
