October 12, 2017 / 4:53 PM / a year ago

BRIEF-Pharol seeks to keep high stake in Oi in restructuring -CEO

Oct 12 (Reuters) - CEO of Portugal’s Pharol SGPS, the largest shareholder in Brazil’s telecom firm Oi says:

* Oi restructuring plan presented on Wednesday is “balanced and positive”.

* Luis Palha da Silva says Pharol will make an effort to keep its stake in Oi at highest possible percentage after the restructuring.

* Pharol is not opposed to “demanding” dilution of shareholdings in Oi.

* A restructured Oi will be ready for mergers and acquisitions activity, not necessarily as a target.

* Pharol holds a 25.7 percent stake in Oi.

* Oi, which is in a bankruptcy protection process, submitted a debt restructuring plan that would limit the debt-for-equity swap demanded by creditors to 25 percent of its capital, far below the 88 percent proposed by a group of bondholders. Further company coverage: (Reporting by Daniel Alvarenga)

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