Telemig Cellular completes a share buy back programme worth $550 million (Brazil)
Telemig Cellular, Brazilian mobile operator, and it’s parent Telemig Celular Participacoes, have reportedly completed the share buy back programme, the reason being the facilitation of the passing of control of both companies to fellow telecoms operator Vivo.
The two companies have purchased a total of BRL903 million (USD550 million) worth of shares.
The parent company bought back 5.7 million ordinary shares of the total 6.2 million shares in circulation, priced at BRL126.25 per share. Meanwhile, Telemig Celular repurchased 78,104 ordinary shares, of the 96,229 in circulation, at BRL2,192 each.
