April 25, 2014 / 10:00 PM / 4 years ago

STXNEWS LATAM-Oi investor questions controlling shareholder vote

Tempo Capital, a minority shareholder of Oi SA, Brazil’s biggest phone company, petitioned the country’s securities regulator, the CVM, to reverse a decision that allowed Oi’s controlling shareholders to vote with other investors at a meeting that approved the sale of 14 billion reais ($6.23 billion) of new Oi stock. Tempo Capital also asked the CVM to reverse its decision to prohibit minority holders of Oi common shares who were unhappy with Oi’s decision to raise new capital from being able to force Oi to buy their stock. ($1 = 2.2441 Brazilian reais)

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