Board of Brazil telecom Oi authorizes sale of Africatel stake

miércoles 17 de septiembre de 2014 07:42 GYT
 

SAO PAULO, Sept 17 (Reuters) - The board of directors of Brazilian telecommunications firm Grupo Oi SA authorized management to begin looking for a buyer for its 75 percent stake in Africatel Holdings BV, according to a securities filing on late on Tuesday.

Africatel owns stakes in several African telecommunications companies.

Oi said one of its subsidiaries received a letter from partner Samba Luxco, which holds the remaining 25 percent of Africatel's shares, requesting the exercising of a put option to sell the minority stake.

Oi said in the filing that it believes no act or fact has occurred that would allow the exercising of the put option, and that selling its Africatel stake would allow the company to avoid arbitration to resolve the matter. (Reporting by Asher Levine; Editing by Chizu Nomiyama)