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| Name | Symbol | Market | Type |
|---|---|---|---|
| Telefonica SA | NYSE:TEF | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.56 | 1 | 09:33:28 |
From May 2019 to May 2024
By Rogerio Jelmayer
SAO PAULO--Brazil's government telecommunications regulator, Anatel, said it would allow Telefonica Brasil SA (VIVT4.BR) to exchange certain unpaid regulatory fines for pledged network investments over the next four years.
The telecommunications company, which is controlled by Spain's Telefonica SA (TEF.MC), has accumulated around 2 billion reais ($634 million) in unpaid fines levied by Anatel for the company's failure to meet certain regulatory obligations in past years.
Telefonica has agreed that instead of paying those fines it will invest a total of BRL4.87 billion in improvements to its broadband and fixed-line phone networks over the next four years, according to the regulator.
The arrangement requires the approval of Brazil's Federal Court of Accounts.
The company's press officials couldn't be immediately reached for comment.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 28, 2016 06:21 ET (10:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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