Oi will receive a monthly payment of 18.58 million Reals (4.1 million Euros) for 36 months, which will be paid by Sistel for the surplus of a pension fund. The Brazilian operator disclosed the information in a release that was also sent to the CMVM by the Portuguese company Pharol.
“Oi comes to inform its shareholders and the market in general that the National Superintendence of Complementary Social Security (Previc) approved the distribution of surplus for the PBS-A plan, managed by Sistel,” reads the note.
The total amount in question is more than 669 million reais (147.61 million euros), paid to Oi in 36 instalments and the subsidiary Telemar Norte Leste. According to Oi, “the first instalment, for the month of December 2019, has already been paid by Sistel”.
Sistel, specifically PBS-A, is a pension fund to which telecommunication companies like Oi, Tim and Vivo contribute, directed to the employees of these companies. On May 20th of this year, Sistel announced in a release that it had made to Previc a “request for distribution” of the referred surplus, a request that was approved.
Listed on the Lisbon stock exchange, Pharol, the former holding company of Portugal Telecom, controls 4.94% of the Brazilian company Oi, through the subsidiary Bratel. In turn, Telemar Norte Leste holds 10% of Pharol’s capital, in a total of more than 89.65 million shares.