January 4, 2018 |
Algar Telecom has sold 25% of voting stock to an affiliate of Singapore's GIC sovereign wealth fund for roughly BRL1bn ($306.16m), effectively calling off its IPO.
According to a securities filing, the Brazilian firm received a BRL352m capital injection from the Singaporean affiliate Archy LLC for new shares.
The telecom's controlling shareholder, Algar Empreendimentos e Participacoes, gained BRL648m from the sale of its own shares.
Sources previously told LatinFinance that Algar had intended to
Brazilian telecom obtains $306m, will use proceeds for network improvements