Oi announces restructuring process to consolidate Amazonia Celular

24 Feb 2009

According to a report from local news agency Ultimo Segundo, Brazilian telecoms operator Oi (Telemar) has announced plans to begin a corporate restructuring to consolidate the assets of Amazonia Celular. According to the proposal approved by Oi shareholders, Amazonia Celular’s shares will be incorporated by Tele Norte Celular Participacoes, aiming to make the former a subsidiary of Tele Norte Celular. Under the plan, Amazonia shareholders will receive shares of Tele Norte Celular to replace their old shares: the proportion being one old Amazonia Celular share to 1.5 Tele Norte shares. The restructuring will also see Amazonia Celular returning its spectrum allocation to Anatel with the consequent termination of its personal mobile service (SMP). Finally, the smaller unit will be renamed Oi Mobile, resulting in the end of the Amazonia Celular name.