State-owned China Telecom group interested in Brazilian group Oi

19 October 2017

Brazilian telecoms group Oi is one of the investment scenarios being considered, the President of state-owned China Telecommunications Corp (China Telecom) said on the sidelines of the 19th Communist Party of China (CPC) National Congress.

According to the China Daily, Yang Jie said the group plans to expand abroad, and has been analysing various investment scenarios, one of which is the Oi group.

Oi, the largest telecommunications group in Brazil, provided services at the end of 2016 to 63.6 million customers, of which 39.9 million were in mobile telephony, 16.4 million in fixed telephony, Internet access and pay-TV and 6.6 million in the business segment and is still responsible for 700,000 public telephones.

On 20 June, 2016, the group filed for receivership, the largest process of its kind in Brazilian and Latin American history, with a liability of 65 billion reais (US$20.7 billion).

The China Telecommunications Corp group announced earlier this year it intends to invest more than US$1 billion over the next three to five years to expand its activity in countries covered by the the “Belt and Road.”

China Mobile Communications Corp and the China United Network Communications Group Co Ltd are already present in Brazil with representative offices, which were opened in September and October, respectively. (macauhub)