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EQUITY | 12 Months Ended
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Dec. 31, 2022
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| 22. | EQUITY
22.1. Capital stock On January 17, 2022 an Extraordinary General Shareholders’ Meeting was held and approved the amendment to the limit of authorization for capital increase, regardless of statutory reform, which was set to 1,325,000,000 ordinary shares. On the same occasion, the capital increase of the Company was also approved, through public offering of up to 325,000,000 new ordinary shares. The pricing of the public offering of shares was on February 1, 2022 and the Board of Directors approved the offering of 270,000,000 shares at the price of R$20.00, in a total amount of R$5,400,000. From this amount, R$500,000 were allocated to the capital stock and the remaining was allocated to the formation of a capital reserve. The settlement of the offering was on February 4, 2022 and incurred expenses of R$124,556. On December 31, 2022, the subscribed and paid capital of the Company was R$13,053,418, which is composed of 1,082,473,246 common book-entry shares with no par value. The value of the capital stock is net of the public offering expenses of R$217,503, made on July 22, 2009 and February 4, 2022.
| 22.1.1. | Breakdown of capital stock by nature
Schedule of breakdown of capital stock by nature |  |  |  |  |
| 12.31.22 |  | 12.31.21 |  | 12.31.20
Common shares | 1,082,473,246 |  | 812,473,246 |  | 812,473,246
Treasury shares | (4,356,397) |  | (5,053,554) |  | (4,766,084)
Outstanding shares | 1,078,116,849 |  | 807,419,692 |  | 807,707,162
| 22.1.2. | Breakdown of capital stock by owner
The shareholding position of the shareholders holding more than 5% of the voting stock, management and members of the Board of Directors is presented below:
Schedule of breakdown of the capital by owner |  |  |  |  |  |  |  |
|  | 12.31.22 |  | 12.31.21
Shareholders |  | Quantity |  | % |  | Quantity |  | %
Major shareholders |  |  |  |  |  |  |  |
Marfrig Global Foods S.A. |  | 360,133,580 |  | 33.27 |  | 269,734,803 |  | 33.20
Caixa de Previd. dos Func. do Banco do Brasil |  | 67,560,738 |  | 6.24 |  | 49,829,952 |  | 6.13
Kapitalo Investimentos Ltda. |  | 55,730,079 |  | 5.15 |  | 40,784,398 |  | 5.02
Management |  |  |  |  |  |  |  |
Board of Directors |  | 518,900 |  | 0.05 |  | 6,314,932 |  | 0.78
Executives |  | 655,163 |  | 0.06 |  | 917,317 |  | 0.11
Treasury shares |  | 4,356,397 |  | 0.40 |  | 5,053,554 |  | 0.62
Other |  | 593,518,389 |  | 54.83 |  | 439,838,290 |  | 54.14
|  | 1,082,473,246 |  | 100.00 |  | 812,473,246 |  | 100.00
| 22.1.3. | Rollforward of outstanding shares
Schedule of rollforward of outstanding shares |  |  |  |  |  |
Quantity of outstanding of shares
|  | 12.31.22 |  | 12.31.21 |  | 12.31.20
Shares at the beginning of the year |  | 807,419,692 |  | 807,707,162 |  | 811,759,800
Purchase of treasury shares |  | - |  | (1,232,300) |  | (4,836,000)
Issue of shares on 02.01.22 |  | 270,000,000 |  | - |  | -
Delivery of restricted shares |  | 697,157 |  | 944,830 |  | 783,362
Shares at the end of the year |  | 1,078,116,849 |  | 807,419,692 |  | 807,707,162
22.2. Capital reserves and Other equity transactions The capital reserves contemplate only the balances related with results on the sale and exchange of stocks, in compatibility with the Law 6.404/1976 (“Lei das S.A”) – Brazilian Corporate Law.
Schedule of capital reserve |  |  |  |  |  |
|  | 12.31.22 |  | 12.31.21 |  | 12.31.20
Capital reserves |  | 2,338,476 |  | 141,834 |  | 141,834
Other equity transactions |  | (77,825) |  | (67,531) |  | 246
Share-based payments |  | 195,655 |  | 205,949 |  | 214,711
Acquisition of non-controlling interest |  | (273,260) |  | (273,260) |  | (214,245)
Capital transactions with controlled entities |  | (220) |  | (220) |  | (220)
|  | 2,260,651 |  | 74,303 |  | 142,080
22.3. Absorption of accumulated losses On January 31, 2022 the Company offset accumulated losses with capital reserves, as provided in Law 6.404/1976 (“Lei das S.A”) – Brazilian Corporate Law in the amount of R$2,703,358. 22.4. Treasury shares The Company has 4,356,397 shares held in treasury, with an average cost of R$25.19 per share and corresponding market value of R$36,071.
Schedule of treasury shares |  |  |  |  |  |
Quantity of outstanding of shares
|  | 12.31.22 |  | 12.31.21 |  | 12.31.20
Shares at the beggining of the year |  | 5,053,554 |  | 4,766,084 |  | 713,446
Purchase of treasury shares |  | - |  | 1,232,300 |  | 4,836,000
Delivery of restricted shares |  | (697,157) |  | (944,830) |  | (783,362)
Shares at the end of the year |  | 4,356,397 |  | 5,053,554 |  | 4,766,084
The Company has share buyback program, approved on September 30, 2021 up to the limit of 3,696,858 common shares, with an 18-month term. Up to December 31, 2022, the Company repurchased 1,232,300 common shares at the cost of R$27,721 under the Restricted Shares Plan. The program ended on April 1st, 2023 and there were no shares repurchased in 2023.

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