Press Releases
Telecel's Annual General Assembly of Shareholders approves Distribution of Dividends, Redenomination of the Share Capital to Euros and Stock Split
In the Annual General Assembly of Shareholders held today, Wednesday, 31 March 1999, at Telecel headquarters, all agenda items were approved, namely:
The proposal of distribution of results which includes the distribution of dividends to shareholders of about 50% of the 1998 net income, in the amount of PTE 450 (EUR 2.24) per share totaling PTE 9.7 billion (EUR 48.38 million).
The proposal to alter the denomination of the share capital to euros and to redenominate the nominal value of each share to EUR 5, being the respective increase (for rounding purposes) made through the incorporation of free reserves, followed by the reduction of the nominal value of each share to EUR 0.50 and issuance of 193,500,000 new shares to be distributed to the shareholders. In the wake of this process, the company’s share capital will be represented by 215,000,000 shares with the unitary nominal value of EUR 0.50, representing a split of 10 to 1.