PT SGPS shareholders have proposed to change the name of the company to Pharol SGPS.
According to a securities filing, Novo Banco, RS Holding and Grupo Visabeira will present the proposal at an AGM on 29 May.
The name change marks the end of Oi’s…
PT SGPS shareholders have proposed to change the name of the company to Pharol SGPS.
According to a securities filing, Novo Banco, RS Holding and Grupo Visabeira will present the proposal at an AGM on 29 May.
The name change marks the end of Oi‘s ill-fated merger with PT, first announced in October 2013.
As part of the deal −which soured after Rioforte, a unit of collapsed banking group Banco Espirito Santo (BES), defaulted on a nearly €900m debt payment to the Portuguese operator− Oi inherited PT Portugal, which was sold to telecoms holding Altice for €7.4bn (US$8.3bn) last month.
The shareholders will also propose Luis Palha da Silva as the company’s new CEO, replacing Joao Mello Franco, who has held the top role since last September.
Current chairman Antonio Menezes Cordeiro is also due to step down and will be replaced by Joao Vieira de Almeida.
Grupo Visabeira, Novo Banco, RS Holding and Brazilian telco Oi hold a combined 35% stake in the company.
