Telefonica to pay record dividends this year
Bnamericas Published: Tuesday, December 30, 2003
The Brazilian subsidiary of Spain's Telefonica (NYSE: TEF) is due to pay 1.18bn euros (US$1.47bn) in dividends this year, the highest total since 1998 when the company bought telecom assets in Brazil, local news agency Valor Online reported. Telefonica Brazil's annual dividends have grown consecutively for the last three years. The company's chief assets are a wireline operator in Sao Paulo state called Telesp, and the country's largest mobile operator Vivo, in a 50:50 partnership with Portugal Telecom (NYSE: PT). Latin America as a whole will render 1.46bn euros for Telefonica this year in dividends, as well as principal and interest payments on intercompany loans. Telefonica could increase its interests in Brazil in 2004. The company has joined a consortium to buy the country's largest long distance operator Embratel, alongside Telemar and Brasil Telecom.
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