Hi gives first steps to sell the position in Angola’s Unitel – Reuters

Hi gives first steps to sell the position in Angola's Unitel – Reuters

                 

                         
                     

                 

 
                         

The Hi announced on Wednesday that it will start the process of selling 75% of Africatel, where are concentrated holdings in African telecommunications companies, as 25% of Angola’s Unitel, which is the most valuable asset of the holding .

                     

                         “The board of directors of Hi, in a meeting held today, decided to authorize the taking Hi necessary for the sale of shares of Hi Africatel measures Holdings BV (” Africatel “), representing 75% of the share capital of Africatel, and / or its assets, “said the Brazilian company, which is finalizing the process of merging with PT, in a statement sent to the CMVM.

The fund Helios Investors owns the remaining 25% of Africatel (through Samba Luxco society) and, according to Hi, want to exercise a put option (PT / Hi) of their actions, considering the fact that PT have transferred to the Hi position Africatel gives you leeway in light of the shareholder agreement, to exercise this option. An understanding that the Hi disagrees and is willing to challenge.

“The Hi will lead the sale process, despite believes is in the best interest of both shareholders Africatel to maximize the value of its investments that such sale is made in coordination with the Samba, “explains the Brazilian company. The company also revealed that its “indirect subsidiary Africatel GmbH, direct owner of investment in capital Hi Africatel received today [September 16] a match of Samba Luxco, through which [it] has a supposed right to sale of shares (“ put “) held by it in Africatel, according to the agreement of the shareholders of the company. “

If this correspondence Samba to justify the exercise of the option with the “indirect transfer of shares Africatel previously held by PT for Hi”, the Brazilian operator maintains that “there was not any act or fact that, under the shareholders agreement Africatel, give rise to the exercise of put “. Therefore highlights the intention to “play such an exercise of put by Samba Luxco the current circumstances.” This, “according to the shareholders’ agreement of Africatel, may lead to the initiation of arbitration for the future resolution of such matters.”

Hi further states that “intends to focus its efforts on the sale of Africatel and / or its assets “and believes that” if this objective is achieved successful way, any arbitration will become unnecessary. “

The most valuable asset is Africatel Unitel. By direct means, the Hi got 18.75% of Angolan telecommunications operator after the transfer made by the PT in the capital increase of May.

Unitel, which has among its shareholders the Angolan businesswoman Isabel dos Santos, keeps a dispute with PT (now Hi), refusing to pay around € 245 million in dividends (for 2011 and 2012) for alleged breaches of standards Portuguese partner of the Angolan private investment law. Isabel dos Santos, who is also a shareholder of NOS, and other Angolan shareholders have shown themselves available to buy PT’s position in the company.

Hi also placed the shares of Unitel in the list of assets available for sale and, according reported the Bloomberg in late August, was negotiating the sale of 25% to other shareholders position for more than two billion dollars (€ 1500 million).