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BRIEF-Pharol says ready for major dilution in Oi, to go along with cash call
November 24, 2017 / 5:08 PM / 22 days ago

BRIEF-Pharol says ready for major dilution in Oi, to go along with cash call

Nov 24 (Reuters) - Portugal’s holding company Pharol Sgps Sa :

* CEO Luis Palha da Silva says Pharol is ready for a significant dilution of its stake in Brazil’s troubled telecoms giant Oi under the latest restructuring plan.

* Pharol will seek to keep a large stake in Oi, wants to take part in a capital increase.

* Pharol is the largest shareholder in Brazil’s troubled telecom group Oi, where it holds a 27.2 percent stake.

* Pharol will ponder various options, consider financial instruments to come up with cash for the capital increase.

* Laments a lack of cooperation of some Oi bondholders.

* Says the latest plan answers bondholder concerns. Further company coverage: (Reporting by Daniel Alvarenga, writing by Andrei Khalip)

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