Dallas, Texas 09/11/2013 (Financialstrend) – In Tuesday’s trading session, Oi SA (ADR) (NYSE:OIBR) stock dipped by 2.84%. The opening price of the shares was $1.76 which trended to an intraday high of $1.78 and dipped to close at $1.71. Around 2.21 million shares were traded on Tuesday while the average volume of shares traded over a 30 day period was 4.03 million. The company has a market capitalization of $2.80 billion.
Zeinal Bava, the company’s CEO announced at a press conference on the 10 September that in order to support its operations in Brazil, Oi SA (ADR) (NYSE:OIBR), is expecting to expand its data-center space by 2,500m2. This particular expansion is part of Oi’s strategy to eventually become an IT services and an end-to-end telecom company
All this, while it continues to support its flagship cloud-portfolio, the Oi Smart Cloud.
The Smart Cloud
At the start of the week, the company expanded the Oi Smart Cloud range by launching a TEF or electronic fund transfer solution. This solution is specifically for medium and large companies. Oi operates 5 data centers in Brazil. The CEO also said that in most probability, the company will be opening a new datacenter next year, in Portugal. This country is Portugal Telecom’s homeland. The latter is Oi’s parent company. As per Bava, this datacenter will support the company’s Brazil operations.
Oi SA (ADR) (NYSE:OIBR) was previously called Brasil Telecom SA. It is a Brazil-based holding-company that is involved in the tele-communication sector. It is largely involved in provisioning fixed telephony-services in the states of Parana, Mato Grosso Rondonia, Tocantins, Acre, Rio Grande do Sul, Mato Grosso do Sul, Goias and Santa Catarina.
In addition, it offers a variety of integrated-telecommunication services such as mobile telecommunication services, data-transmission and ISP services, amongst others. Oi SA (ADR) (NYSE:OIBR) provides a variety of telecommunication services to numerous corporate and residential customers.