Brief: Pharol says ready for major dilution in Oi, to go along with cash call

Pharol SGPS SA

24/11/2017 16:56

Nov 24 (Reuters) - Portugal's holding company Pharol Sgps Sa 
 PHRA.LS : 
    * 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. urn:newsml:reuters.com:*:nL1N1NR02U 
    * 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:  PHRA.LS  
 
 (Reporting by Daniel Alvarenga, writing by Andrei Khalip) 
 ((andrei.khalip@thomsonreuters.com;))