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Portugal Telecom Shares Suspended As Shareholder Vote Looms

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Telco fails to provide information that will enable shareholders to make informed decision on Altice deal, regulator says.
Life became even more complicated for Portugal Telecom on Friday when the country’s stock market regulator suspended trading in its shares and requested more information relating to the proposed sale of its Portuguese operations.

The move came just days before the telco’s shareholders are due to meet to discuss Oi’s planned sale of the Portuguese part of the business to Altice and hours after a PwC study criticised its risk management policy.

Trading in Portugal Telecom’s shares was halted “until material information on the issuer is published,” the Portuguese Securities Market Commission, or CMVM, said in a statement.

The regulator said that between 22 December and 6 January it has on a number of occasions attempted to obtain “essential clarification” from Portugal Telecom that will enable shareholders to vote in an informed manner on the proposed deal. It did not specify exactly what information it is looking for. Original post at Total Telecom

Wahengbam Rorrkychand

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Website: http://www.blog.tonsetelecom.com

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