June 19, 2020 / 4:39 PM / 19 days ago

Brazil's TIM says board approved $120 mln commitment with telecoms watchdog Anatel

SAO PAULO, June 19 (Reuters) - Brazilian telecoms firm TIM Participacoes SA said on Friday its board has approved an agreement of conduct adjustment with local regulator Anatel.

Under the terms of the deal, the local subsidiary of Telecom Italia SpA committed to spend 639 million-real ($119.49 million) to improve the quality of its services and customers’ experience, TIM said in a securities filing.

The agreement, which is locally known as TAC, also requires the carrier to bring broadband services through its 4G network to approximately 350 cities with less than 30,000 inhabitants.

“The new infrastructure will be deployed within three years, with over 80% of it delivered in the first two years,” TIM said.

About 3 million people in the Northern and Northeastern regions of Brazil, as well as in Midwestern states of Minas Gerais and Goias, will benefit, the carrier added.

In a separate statement, the president of Brazil’s telecoms watchdog Anatel, Leonardo de Morais, said the agreement signed with TIM serves the public interest.

Shares in TIM Participacoes were trading 1.4% down on Friday at 14.41 reais, reducing gains so far this year to around 37%. ($1 = 5.3477 reais) (Reporting by Gabriela Mello; editing by Jonathan Oatis)

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