Brazilian fixed-line operator Oi is to restructure its shareholding, following management approval to transform the unit into a fully owned subsidiary of Tele Norte Celular Participações.
According to the Brazilian national press agency, Amazônia…
Brazilian fixed-line operator Oi is to restructure its shareholding, following management approval to transform the unit into a fully owned subsidiary of Tele Norte Celular Participações.
According to the Brazilian national press agency, Amazônia shareholders will receive 1.5 Tele Norte Celular shares for every one they own in Amazônia.
After that, Tele Norte Celular will launch a capital increase, with Oi contributing shares to its own capital. The restructuring would also return Amazônia’s radio frequencies to Brazilian telecoms regulator Anatel, signalling its end as an independent entity.
The shareholders of Tele Norte, Amazônia Celular and Oi will vote on the incorporation and capital increase at general meetings on March 9, Oi has announced.