PT to finalise PTM spin-off next month

16 Oct 2007

Portugal Telecom (PT) says it expects to complete the spin-off its 58.43% stake in its PT Multimedia (PTM) unit on 7 November. PT shareholders will receive 0.176067 PTM shares for each PT share they hold. Tax mechanisms mean PT will retain a 7% stake in PTM following the spin-off, although it intends to dispose of this holding as soon as possible, it says. PTM offers a range of multimedia services and is Portugal’s largest cable TV operator.

Portugal, Nos