The Egyptian billionaire Naguib Sawiris, is prepared to invest in the Brazilian telecom operator Hi, in which part of the former Portugal Telecom – Pharol. – Holds an indirect stake of about 23%, reports Bloomberg
the billionaire, who owns a majority stake in Orascom Telecom Media and Technology of Egypt, said that Hi has great potential if the debt is restructured, and if it is ensured that the company moves to a capital increase and has a growth plan well defined.
An expression of interest that arises on the same day that the Hi presented a judicial request for protection from creditors in the amount of EUR 16.8 billion to avoid bankruptcy. The largest order of its kind in Brazil’s history.
“The Hi need a shareholder with a strong knowledge of telecommunications to solve operational problems, in addition to financial,” Sawiris said in a telephone interview with Bloomberg.
the Egyptian is not the only one to show interest in the largest global telecommunications company in Brazil. In February, the Russian, Mikhail Fridman, presented a proposal to help fund the merger between Hi Telecom Italia in Brazil, TIM.
Sawiris believes that the merger between Hi and TIM “is much sense “but first to Hi need to rebalance. The businessman says he welcomes in business with Fridman, a formal partnership.
The billionaire did not clear, however, that outlines could take your investment. The newspaper “O Estado de S. Paulo” was the first to give Sawiris interest account a possible deal.
With the announcement by Hi, this morning, is even more difficult the situation of the old bondholders Portugal Telecom. To all are about 3,750 billion euros that would have to be repaid by 2025.
The most worrying case is, for now, the obligations that are due on 26 July. A line whose repayment around EUR 231 million. At the time of its incorporation in 2012 were 400 million, which was subscribed to the counter for about 20 thousand investors, 18 000 of whom have signed up to 50 thousand euros each. But in 2015, with the issuing of amendment, which took the break up of the PT, it was given to the bondholders the chance to sell and not go to the International PT Finance who took these obligations and other different maturities.
following the announcement of the Brazilian company, the Securities Market Commission decided to suspend shares Pharol and obligations of PT retail.
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