Ambitious Aims for Portuguese Telecom Spinoff

21 January 2008

LISBON: Cable firm PT Multimédia, recently floated in an IPO by former parent Portugal Telecom, announced ambitious growth targets on Friday.

Already market leader in Portugal's combined voice, TV and internet services sector, PTM aims to extend the clear blue waters between itself and its competitors – especially in light of the exponential growth of new technological platforms. 
Moreover, stockholders are toasting a surprise windfall less than two months after the company's flotation in November.

Down from the heavens floated a new remuneration package comprising an extraordinary dividend of €0.30 ($0.44; £0.22) a share, and a stock buy-back programme of up to 10% of PTM's share capital.
Says ceo Rodrigo Costa: "Management independence has created a big opportunity for PTM to build on its strong points and take advantage of growth in the market."
According to Costa, expansion will be largely organic although some relatively minor acquisitions are also on the cards. 

Data sourced from Financial Times; additional content by WARC staff