(Alliance News) - Telecom Italia Spa announced Thursday that the shareholders' meeting of TIM Brasil Serviços e Participações SA, the group's wholly owned holding company, which in turn controls 66.58% of TIM SA, approved the issuance of a bond, non-convertible and intended for institutional investors, in the amount of BRL4.25 billion, equivalent to approximately EUR800 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.

On Wednesday, TIM closed in the green by 1.6 percent at EUR0.26 per share.

By Claudia Cavaliere, Alliance News reporter

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