Brazilian telephone and wireless carrier Grupo Oi SA said its Chief Executive Officer Zeinal Bava had resigned from the company with immediate effect on Tuesday, potentially paving the way for a sale of the company's Portuguese assets.Oi is in the process of selling non-core assets to pay down its debt and allow it to better jostle for position in Brazil where it has fallen behind other cellphone carriers.Bava will be temporarily replaced by Chief Financial Officer Bayard Gontijo, who will take up the CEO role while carrying on as CFO and head of investor relations. The company gave no details about the reason for Bava's departure.Reuters reported on Monday, citing a source, that billionaire Patrick Drahi's telecoms firm Altice SA was in talks to acquire Oi's Portuguese assets, which became part of Oi through a merger with Portugal Telecom SGPS SA.
Oi SA, formerly Brasil Telecom SA, is a Brazil-based holding company engaged in the provision of Switched Fixed-line Telephony Services (STFC) domestically and internationally. Shares of OIBR traded higher by 2.95% or $0.019/share to $0.66. In the past year, the shares have traded as low as $0.51 and as high as $2.09. On average, 15564300 shares of OIBR exchange hands on a given day and today's volume is recorded at 19336252.
Portugal Telecom SGPS SA (Portugal Telecom) is a Portugal-based holding company primarily engaged in the telecommunications sector. Shares of PT traded higher by 2.96% or $0.06/share to $2.09. In the past year, the shares have traded as low as $1.82 and as high as $5.02. On average, 1602660 shares of PT exchange hands on a given day and today's volume is recorded at 741201.
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