Financially-stricken Brazilian telecoms operator Oi has disclosed that Sao Paulo-based J. Safra Servicos de Administracao Fiduciaria, an offshoot of Safra Asset Management, acquired a 16.11% stake in the telco on 10 March. As per regulations set out by the Securities and Exchange Commission of Brazil (Comissao de Valores Mobiliarios, CVM), companies are obliged to inform the market whenever an investor’s shareholding crosses the 15% threshold. According to the filing, Safra does not intend to alter the Oi’s control or management structure.
As previously reported by TeleGeography’s CommsUpdate, Oi filed the largest bankruptcy request in Brazil’s history in June 2016, after failing to reach an agreement with creditors. The filing, which covered Oi and six subsidiaries, listed BRL65.4 billion (USD19.2 billion) of debt and the company chose judicial reorganisation to preserve the value of its holdings and to continue providing services to its customers.