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Telefonica (BME:TEF) Brasil (NYSE:VIV) S.A. (B3: VIVT3; NYSE: VIV), one of the leading telecom service providers in Brazil, has announced a significant capital reduction of R$2 billion reais (approximately $387 million USD).
This decision, made during an Extraordinary General Meeting held today, will not involve the cancellation of shares but will instead return funds directly to shareholders.
The capital reduction will decrease the company's share capital from R$62.07 billion to R$60.07 billion. Shareholders will receive a restitution of R$1.22651176012 per common share, based on the total of 1,652,588,360 ordinary shares, excluding treasury shares as of October 31, 2024. The per-share value may be subject to adjustments depending on the shareholding base on February 27, 2025, due to the ongoing Share Buyback Program.
Shareholders on record by the end of February 27, 2025, will be eligible for the reimbursement, and the company's shares will subsequently be traded ex-reimbursement rights. The payment will be made in a single installment by July 31, 2025, with the exact date to be specified by the company's management. The payment procedures will adhere to the guidelines established by B3 S.A. - Brasil, Bolsa, Balcão (B3) and the bookkeeper institution for the company's shares.
The capital reduction will take effect 60 days after the publication of the meeting's minutes, as per article 174 of the Corporation Law. For non-resident shareholders, the company will provide necessary documentation and procedures for tax purposes, including information on any withholding income tax on capital gains resulting from the reduction.
The news above is based on an SEC filing.
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