Oi hoovers up a further 18.8mn BrT preferred shares

30 May 2008

Brazilian telecoms group Oi (formerly Telemar) has purchased an additional 18.8 million preferred shares of Brasil Telecom (BrT), bringing 11.36% of the latter’s stock under its control, writes BNamericas citing separate filings from both companies with the country’s securities regulator CVM. The shareholding is equivalent to 32.3 million BrT preferred shares. By the middle of this month Oi had purchased 5.92% of the company’s total preferred stock. It aims to up this to a third of the stock available, a total of 58.9 million shares, which it will acquire through indirectly controlled companies.

In a separate story, Oi has revealed plans to invest up to USD15 billion on international expansion with the aim of adding around 30 million foreign subscribers to its client base. CEO Luis Eduardo Falco was quoted as saying that the company’s goal is to sign up a total of 100 million customers ‘as soon as possible.’ Falco went on to say that no decisions had been taken regarding the specific markets in its radar, but Oi’s expansion could include both acquisitions and greenfield projects.

Brazil, Brasil Telecom (BrT), Oi