The board of directors of Telefonica Brasil has approved a buyback of common and preferred shares in a move to increase shareholder value.
The company said that a maximum of 2,912,734 common shares and 25,207,477 preferred shares could be acquired….
The board of directors of Telefonica Brasil has approved a buyback of common and preferred shares in a move to increase shareholder value.
The company said that a maximum of 2,912,734 common shares and 25,207,477 preferred shares could be acquired. Together, these comprise less than 10% of the company’s outstanding shares.
The term of the buyback plan lasts until 6 November 2012, Telefonica Brasil said in its statement. Shares will be purchased on the BM&FBOVESPA stock exchange at market prices, with the Telefonica Brazil board being able to decide the timing and the amount of shares to be repurchased.
Telefonica said that the operation will be carried out through the broker Bradesco Corretora S.A CTVM.
In its statement, Telefonica described the repurchase programme as the “acquisition of common and preferred shares issued by the Company for subsequent cancellation, disposal or maintenance in treasury without reduction in the capital stock, for the purpose of increasing shareholder value”.
