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Telecel approves 1997 Report & Accounts

On Friday, 20 March 1998, Telecel’s 1997 Statutory Accounts and its General Council aproved Annual Report.

Telecel reports an audited net income of 13.3 billion PTE, confirming the amount disclosed on 02 February 1998.

In the Report to the General Council was a proposal by the Board of Management to distribute a dividend to shareholders of 300 PTE per share on 1997 results. The total sum of the dividend payout will be 6.45 billion PTE, or close to 50% of 1997 net income. Telecel is required to keep 5% of net income for a legal reserve.

This proposal of the distribution of dividends requires approval by the General Assembly of Shareholders, which will meet on Tuesday, 19 May 1998 in Lisbon, Portugal. If approved by the General Assembly, the dividend will be paid on Monday, 15 June 1998.