Telemig Celular buys back USD550m in shares

19 Aug 2008

Brazilian mobile operator Telemig Celular and its parent, Telemig Celular Participacoes, have completed a share buyback programme, reports BNamericas citing a statement from the Sao Paulo stock exchange Bovespa. The two firms purchased a total of BRL903 million (USD550 million) worth of shares, it said. Telemig Celular Participacoes bought back 5.7 million ordinary shares of the total 6.2 million shares in circulation, priced at BRL126.25 per share. Meanwhile, Telemig Celular repurchased 78,104 ordinary shares, of the 96,229 in circulation, at BRL2,192 each. The reason for the buyback is to facilitate the passing of control of both companies to fellow telecoms operator Vivo.

Brazil, Telemig Celular