Ongoing reduces position in Pharol to 3.46% – TVI24

The Pharol, former PT SGPS, announced on Tuesday that the Ongoing reduced its stake to 3.46%, mainly because of the exercise of BCP of the right of ownership in the loan agreement with pawn shares.

On Friday night, the Pharol had informed the market that Banco Comercial Portuguese (BCP) had passed a qualifying holding of 6.1689% of the share capital and voting rights of the company, which is Brazilian telecommunications operator of reference shareholder Hi.

At the time, Pharol explained that the increased participation of BCP was due to exercise, on 12 August, “the right of ownership provided for by mutual agreement with pledges of shares and other securities “in the bank” has acquired 37,804,969 common shares, representing approximately 4.2169% of the share capital and voting rights “of the former PT SGPS.

Thus, the BCP started to have a corresponding shareholding to 55,304,969 shares of Pharol, ie 6.1689% of the share capital of the company.

Now, also in a statement sent to the Portuguese Securities Market Commission (CMVM), the Pharol said that the Ongoing – Strategy Investments, Nuno Vasconcellos company reduced its position “directly and through the company controlled by it Nivalis Holdings to approximately 3.46% of the capital “of the old PT SGPS.

This reduction in participation derives mainly from the “sale, on 12 August, 37,804,969 common shares of the company as a result of the exercise of ownership right provided for in the loan agreement with pledges actions “and also of” no re-acquisition by Ongoing of 22.56 million shares “of Pharol,” which were the subject of an Equity Swap Transaction (‘Swap’), as communicated in due course “, which expired on that date.

Because of these two events, the participation of Ongoing now represented “by 29,735,000 common shares, representing approximately 3.46% of the share capital of the company and voting rights.”

The Pharol said that these actions “are directly held by nivalis, whose holding is attributed (…) society Insight Strategic Investments, SGPS, which owns a holding of 62.55% of rights vote in nivalis, the Ongoing being the majority shareholder of Insight “.

The votes attributable to nivalis, the Insighr and Ongoing “are also attributable to the company RS Holding, SGPS, which is majority shareholder of Ongoing” and “Isabel Rocha dos Santos, who is majority shareholder of RS Holding, “concludes the Pharol.