Portugal's Pharol slumps as BCP plans to offload rights

Pharol SGPS SA

13/08/2019 12:04

** Shares of Portugal's holding company Pharol  PHRA.LS 
slump 5 percent to 3-year lows.
    ** The fall follows a statement by Millennium bcp  BCP.LS 
that the bank does not intend to keep 10% of voting rights in
Pharol it had received as collateral from bankrupt Brazilian
firm High Bridge.
    ** "Millennium bcp has no intention to own Pharol shares
and, having the rights, the natural thing is to sell," the bank
said.
    ** At current market prices, the stake is worth around 12
million euros. Pharol's only asset is an indirect 5% stake in
Brazilian telecoms company Oi  OIBR4.SA . 
    
($1 = 0.8917 euros)

 (Reporting by Patricia Rua, editing by Andrei Khalip)
 ((Patricia.Rua.thomsonreuters.com@reuters.net))