Dallas, Texas 05/06/2014 (FINANCIALSTRENDS) – Rio de Janeiro, Brazil based integrated telecommunication services provider Oi SA (ADR) (NYSE:OIBR) yesterday notified its shareholders in connection with its primary public offering of common as well as preferred shares (which also include shares in the form of American Depositary Shares as represented by ADR – American Depositary Receipts). The notification was pursuant to article 157 and Instruction No. 358/02 of the Comissao de Valores Mobiliarios – “CVM” (the Brazilian Securities and Exchange Commission).
Oi SA (ADR) (NYSE:OIBR) notified that the stabilizing agent for the public offering, Banco BTG Pactual S.A. partially exercised its option on May 5, 2014 to place an additional 120.26 million common shares and 240.53 million preferred shares issued by the company. This represents about 6.27% increase in the total number of shares distributed by the company in the public offering. The partial exercise of this option was pursuant to article 24 of the Brazilian Securities and Exchange Commission.
As a result of the shares initially offered and the Option Shares, the company received R$13.96 billion in the gross proceeds, comprised of R$8.25 billion in cash and remaining R$5.71 billion in assets which was contributed by Portugal Telecom, SGPS (ADR) (NYSE:PT). As disclosed on April 29, 2014 in the Material Fact, the company distributed a total of 1,865,954,588 common shares and 3,696,207,346 preferred shares pursuant to the Brazilian Offering and 396,589,982 common shares and 828,881,795 preferred shares pursuant to the International Offering.
Company Brief and Stock Update:
Oi SA (ADR) (NYSE:OIBR) mainly operates in three segments namely, Mobile Services; Fixed-Line and Data Transmission Services; and Other Services. The company serves to governmental agencies, companies and residential customers in Brazil by providing integrated telecommunication services. On Monday, the stock lost 1.90% from its previous close and ended the session at $1.03. Its 52 week low is of $0.84 and 52 week high is of $2.44.