SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of March 2008
Commission File Number 1-13758
PORTUGAL TELECOM, SGPS, S.A.
(Exact name of registrant as specified in its charter)
Av. Fontes Pereira
de Melo, 40
1069 - 300 Lisboa, Portugal
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
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RELEASE |
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Portugal Telecom, SGPS, S.A.
Public Company
Registered Offices: Avenida Fontes Pereira de Melo, 40, Lisboa
Share Capital: Euro 28,277,855.31
Registered in the Commercial Registry Office of Lisbon
and Corporation no. 503 215 058
Sale of 34% holding in Banco Best
Lisbon, Portugal, 25 March 2008 – Portugal Telecom informs that it reached an agreement today with Espírito Santo Financial Group, S.A. for the sale of the 34% stake that PT Comunicações, S.A. holds in BEST - Banco Electrónico de Serviço Total, S.A. (“Banco Best”).
The agreed sale amount is Euro 16 million which will result in an accounting capital gain for PT of Euro 8.7 million. PT also informs that the execution of this transaction is subject to the non-opposition by the Portuguese Central Bank which must be received by the 30 August 2008. PT has already informed the Bank of Portugal of its intention to sell the aforementioned stake.
Banco Best is a financial institution which operates through the internet in the e-banking, asset management and trading segments. It has been founded in 2001 and its shareholders are Banco Espírito Santo and PT.
This information is also available on PT’s IR website http://ir.telecom.pt.
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Contact: |
Nuno Prego, Investor Relations Director |
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nuno.prego@telecom.pt |
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Portugal Telecom |
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Tel: +351 21 500 1701 |
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Fax: +351 21 500 0800 |
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Portugal Telecom is listed on the Euronext and New York Stock Exchanges. Information may be accessed on the Reuters under the symbols PTC.LS and PT and on Bloomberg under the symbol PTC PL. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 26, 2008
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PORTUGAL TELECOM, SGPS, S.A. |
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By: |
/s/ Nuno Prego |
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Nuno Prego |
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Investor Relations Director |
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FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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