Ongoing ups PT stake to 10.05%, becomes second largest investor in the process

3 Jun 2011

According to Bloomberg, Portuguese investment fund Ongoing Strategy Investments has invested EUR250 million (USD360.2 million) to boost its stake in Portugal Telecom (PT) from 6.77% to 10.05%; the move means that Ongoing is now the second largest stakeholder at PT. Ongoing CEO Nuno Vasconcellos commented: ‘This was our strategy from the beginning, as we wanted to become one of the largest shareholders. [Portugal Telecom] is a very liquid company, it has a very good balance sheet. It’s the kind of company where you want to be an investor’. Ongoing was set up in 2004 to manage the Rocha dos Santos family fortune. The company publishes daily newspapers Diario Economico in Portugal and Brasil Economico in Brazil, and holds a 23% stake in TV broadcaster Impresa and a 3.45% stake in cableco Zon Multimedia.

Portugal, Pharol (formerly Portugal Telecom SGPS [PT SGPS]), PT Portugal (MEO)