Telefonica Brasil Shares Rise 2.4% After Capital Reduction Approved
18 September 2023 - 5:21PM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--Telefonica Brasil's shares rose 2.4% after Brazil's
telecoms regulator approved a proposed capital reduction.
Shares of Vivo, as the company is known, reached 44.31 reais,
the equivalent of $9.14, and were up 13% from the end of last year
through Friday's close. Brazil's benchmark Ibovespa stocks index
was up 0.4% in midday trading.
The capital reduction of up to BRL5 billion, approved earlier
this year by the company's board of directors, is a great mechanism
for Vivo to boost shareholder remuneration, analysts at BTG Pactual
said in a research note.
If shareholders approve the reduction, a creditor opposition
period of 60 days begins, and after that the company can decide
when and how payments to shareholders will be made, the analysts
said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
September 18, 2023 11:06 ET (15:06 GMT)
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