LISBON, Portugal-Portugal Telecom increased its economic interests in Brazilian mobile operator Telesp Celular Participacoes from 29.92 percent to 41.23 percent.
Telesp Celular completed a public auction at the Sao Paulo, Brazil, stock exchange, issuing about 27 million preferred shares and 14.5 million common shares at a price of $14 per 1,000 shares.
The share increase announcement is dependent on the swap of cross-shareholdings with a Telefonica subsidiary in Telesp Celular and Portugal Telecom, which is still pending regulatory approval.
A Telesp Celular shareholder meeting is scheduled for 7 November to ratify the capital increase and issuance of new shares.
