Tele Norte Leste Participacoes (TNL), which markets fixed and mobile services under the Oi banner in Brazil, yesterday confirmed it is looking to revamp its shareholding structure. Under the plan, the group will cut the number of listed shares from seven to two. Rio de Janeiro-based TNL submitted a filing with the local securities commission in which it says it will seek shareholder approval to swap all existing shares into voting and non-voting stock of its Brasil Telecom Participacoes unit. The plan, which is expected to be voted upon within the next 180 days, will effectively simplify its complex shareholder structure, making it more transparent to investors and cut costs. Since the creation of the group in early 2009, Oi has launched a number of attempts to simplify its structure but each has collapsed amid opposition from minority shareholders. Under the plan Oi intends to exchange 2.1772 shares of TNL for each Brasil Telecom non-voting share, and 1.842 for each Brasil Telecom voting share. In June 2010 stockholders rejected a similar plan complaining that they were receiving too little for their shares.