Portugal Telecom (“PT”) (Euronext Lisbon: PTCO.IN; NYSE: PT) Management today confirmed that the dividend related to year 2003 will be at the top end of the range indicated at the annual investor day and announced a share buy back program to be carried out until the end of 2004.
On June 24, 2003, during PT’s Investor Day, Management announced its intention to propose a dividend per share relating to 2003 of between Euro 20 and 22 cents. PT now confirms that its Board of Directors will propose at the AGM the approval of a dividend per share of Euro 22 cents, at the top end of the range previously announced, subject to market conditions and PT’s financial condition at that time.
In addition, and in line with the authorization provided at the AGM held on April 4, 2003, PT’s management announced today its intention to buy-back 10% of its share capital. The management reiterates its intention to maintain PT’s current rating with Moody’s and Standard & Poor’s. Subject to market conditions and to its financial condition, PT intends to complete this share-buy back program by the end of 2004.
Contacts:
Zeinal Bava, PT Group Chief Financial Officer
zeinal.bava@telecom.pt
Vitor Sequeira, PT Group Investor Relations Officer
vitor.j.sequeira@telecom.pt
Portugal Telecom
Tel.: +351.215001701
Fax: +351.213556623
This release contains forward-looking statements. Such statements are not statements of historical fact, and reflect goals of the company's management. The words "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "predicts,” "projects" and "targets" and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties. Accordingly, the results of operations of the company to be achieved may be different from the company's current goals and the reader should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments.