Oi proposes reverse split of shares – Capitalist

Oi (OIBR3; OIBR4), currently in Judicial Recovery, held an auction yesterday for the sale of fractions of shares resulting from the grouping of all its common and preferred shares, approved by shareholders at an Extraordinary General Meeting held on December 1, 2022 .

In the auction held, 12,225 common shares and 535 preferred shares of the company were sold, totaling R$9,295.85 net of fees. The date of the next auctions for the sale of the remaining shares will be announced later.

The net amounts resulting from the auctions will be credited to the holders of fractional shares, in proportion to their holdings, within 7 business days after the conclusion of the last auction that sells all shares. The credit procedures will be as follows:

Hi (OIBR3; OIBR4)

According to the telecast, shareholders with Banco do Brasil accounts will have their credits automatically deposited into their current accounts at the bank, as long as they have expressed an interest in receiving the amounts in this account and that their records are up to date.

Shareholders with shares held in custody at the B3 Central Depository will have the amounts credited directly to B3, which will pass them on to shareholders through custody agents.

“Other eligible shareholders must request receipt of the amounts at the Banco do Brasil branch of their choice, by issuing a payment notice to receive in cash at the cashier or by credit to a current account at other banks, at their expense, upon presentation of the relevant banking details (bank, branch and current account number)”, he highlighted in a note.

It also said that shareholders whose shares are blocked or whose records are out of date will have the amount retained by the Company and available for a prescriptive period determined by law, and payment will only be made upon presentation of the necessary documentation for unlocking or identification.

The company

Oi, formerly known as Telemar, is a Brazilian telecommunications company. Founded in 1998, Oi is one of the largest telecommunications operators in Brazil, offering a wide range of services, including fixed and mobile telephony, broadband internet, pay television and corporate data services.

Over the years, Oi has expanded its operations and infrastructure to provide services across the country, serving both residential and business customers. The company also played an important role in the development of Brazil’s communication networks, contributing to the expansion of connectivity in urban and rural areas.

However, Oi has faced significant financial challenges over the years, resulting in a judicial recovery in 2016, one of the largest in Brazilian history. Since then, the company has undergone a restructuring process to try to resolve its debts and ensure its long-term financial sustainability.

Despite the challenges, Oi continues to operate and provide telecommunications services to millions of customers throughout Brazil, maintaining its position as one of the main companies in the sector in the country.