(Alliance News) - Telecom Italia Spa announced Wednesday morning that the shareholders' meeting of TIM Brasil Serviços e Participações SA, the holding company wholly owned by the TIM Group, which in turn controls 66.58% of TIM SA, resolved to increase by BRL750 million -- approximately USD160 million -- the total amount of the non-convertible bond intended for institutional investors approved on July 12.

Following this increase, the bond will have a maximum countervalue of a total of BRL5 billion, equivalent to about EUR950 million at current exchange rates.

The bond issue, aimed at distributing dividends from TIM Brasil Serviços e Participações SA to its parent companies, is part of the group's refinancing activities.

Telecom Italia shares are up 0.3 percent at EUR0.26 per share.

By Chiara Bruschi, Alliance News reporter

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