Shares and Debt
Rio de Janeiro, April 25, 2008 - SUL AMÉRICA S.A. and its subsidiary, SUL AMÉRICA COMPANHIA NACIONAL DE SEGUROS hereby announces that, on April 25, 2008, its indirect subsidiary, Alutrens Participações S.A. (“Alutrens”), as part of the corporate restructuring of Telemar Participações S.A. (“TmarPart”), entered into a Share Purchase Agreement (“Share Purchase Agreement”) with TmarPart, by means of which TmarPart bought back all of the 343,290,112 (three hundred and forty-three million, two hundred and ninety thousand, one hundred and twelve) common shares of TmarPart held by Alutrens, representing 10% (ten percent) of TmarPart’s total voting capital, for R$622,871,000 (six hundred and twenty-two million, eight hundred and seventy-one thousand Reais), paid to Alutrens in cash, in local currency, on this date.
On December 31, 2007, SUL AMÉRICA COMPANHIA NACIONAL DE SEGUROS had an indirect participation of 15.00% of Alutrens’ voting and total capital. Consequently, its parent company, SUL AMÉRICA S.A., held a participation of 14.55% of such capital. The transaction will result in a net income gain of around R$35 million (R$0.0173 per share) for SUL AMÉRICA COMPANHIA NACIONAL DE SEGUROS and, consequently, a net income gain of around R$34 million (R$ 0.1223 per share) for its parent company, SUL AMÉRICA S.A.
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Last updated on 04/25/2008