Asset Acquisitions and Disposals::Sale of PT Ventures shares to Sonangol

Issuer & Securities

Announcement Title: Asset Acquisitions and Disposals
Date &Time of Broadcast: 25-Jan-2020 00:03:21
Status: New
Announcement Sub Title: Sale of PT Ventures shares to Sonangol
Announcement Reference: SG200124OTHRRW8U
Submitted By (Co./ Ind. Name): Bruno Heine Peixoto
Designation: Analyst
Effective Date and Time of the event: 24/01/2020 13:00:00
Description (Please provide a detailed description of the event in the box below): Oi's indirect subsidiary Africatel Holdings B.V. ( Africatel ) has just sold and transferred all shares issued by the Portuguese holding company PT Ventures SGPS S.A. ( PT Ventures ) to the Angolan company Sociedade Nacional de Combust veis de Angola, Empresa P blica - Sonangol E.P. ( Sonangol ). The aggregate transaction amount is US$1 billion of which: (i) US$699.1 million was paid to Africatel by Sonangol on this date, (ii) US$60.9 million already paid to Africatel before shares transference completion; and (iii) US$240 million, to be unconditionally paid to Africatel by Sonangol by July 31, 2020, with a guaranteed minimum monthly inflow to Africatel of US$40 million beginning in February 2020. Sonangol s obligation to make these payments is fully guaranteed by a letter of credit issued by a first-rate bank.

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