Portugal Telecom (PT) has announced it will pay E1 per share of its E1.65 dividend on 28 December, following its E7.5bn divestment of Brazilian mobile operator Vivo earlier this year.
The remaining dividend will be paid in 2011, as part of the…
Portugal Telecom (PT) has announced it will pay E1 per share of its E1.65 dividend on 28 December, following its E7.5bn divestment of Brazilian mobile operator Vivo earlier this year.
The remaining dividend will be paid in 2011, as part of the incumbent’s exceptional E1.5bn dividend payout.
However, Portuguese Prime Minister Jose Socrates has received criticism for allowing PT to pay most of the dividend in 2010, because it comes as the government implements austerity measures designed to plug the country’s burgeoning deficit.
PT announced on 2 November that the 50% sale of Vivo to Spanish incumbent Telefonica helped boost its net income for Q3 2010 to E5.3bn, compared with E116m for the corresponding period last year.
Portugal Telecom did not respond to requests for comment before the press deadline.
