Dallas, Texas 03/03/2014 (FINANCIALSTRENDS) – Oi SA (ADR) (NYSE:OIBR), the 50 year old telecommunication service provider from Brazil reported recently that Extraordinary General shareholders Meeting has been called by Board of Directors, 14th March 2014 at 10:00 am. It will be held at company’s headquarters located in the state of Rio de Janeiro.
The purpose of the meeting is to discuss multiple items of focus during the year 2014. One of the major topics of discussion will be on the proposition to make amendments to the current authorized capital limit of the company and based on the outcome, decide on modifying article 6 of the company’s Bylaws. Another item to be discussed in the meeting is to arrange for a valuation report pertaining to assets that Portugal Telecom SGPS SA (to be part of the Oi SA capital after merger) by Banco Santander, S.A. (ADR) (NYSE:SAN) which is financial institution based in Spain
Oi SA (ADR) (NYSE:OIBR) merger with Portugal Telecom
To strengthen and expand their operations Oi SA (ADR) (NYSE:OIBR) announced their Portugal Telecom in. The merger will boost the Brazilian telecommunication sector which is currently 5th largest wireless market. Currently, Oi SA (ADR) (NYSE:OIBR) has 31 million wireless customers, 22 million land line customers and 4 million ADSL customers. After the transaction, the company will be expanding is customer base and will target around 100 million customers and potentially expecting to generate 19 billon dollars in sales. After the transaction Oi SA (ADR) (NYSE:OIBR) will own majority of the share and the Portugal investors will have 38% of the stake.
Oi SA (ADR) (NYSE:OIBR) had accumulated revenue of $12 billion and net income of $634 million during the year 2013. The company provides Switched Fixed line Telephony Services (STFC) both locally and internationally. They are also into Pay television, Mobile telephony segment and provider for Internet services (ISP).