CEO says there is no timeline for the sale of Telemig Celular

7 Nov 2006

Andre Mastrobuono, the chief executive officer of Brazilian mobile operator Telemig Celular Participacoes, has told reporters that any decision to sell the company would be the result of the desire of its shareholders rather than an operating necessity, writes BNamericas citing local business daily Valor Economico. ‘The company has the capacity to survive as a regional (operator),’ Mastrobuono said. Telemig Celular, which is controlled by Citigroup, a group of pension funds, and Banco Opportunity, operates in the southeastern state of Minas Gerais, where it has 3.4 million clients.

Its owners have been embroiled in a dispute in recent years, despite which the cellco has continued to grow. There is no timeline for the sale of the company, according to Telemig’s financial director, Oscar Thompson.

Brazil, Telemig Celular