Zon Stock Rises on Isabel dos Santos Stake: Lisbon Mover
Zon Multimedia SGPS SA (ZON) rose 1.4 percent in Lisbon trading to the highest close in almost three months after Isabel dos Santos raised her stake in Portugal’s biggest cable-television provider to 14.9 percent.
Zon climbed 3.6 cents to 2.61 euros, the highest closing price since Feb. 13. The stock gained as much as 3.5 percent earlier in the day.
“Dos Santos’s decision to increase her stake in Zon is bolstering shares,” Joao Vale, a trader at Oporto-based Go Bulling, said by telephone. “It shows she wants to have an important role in the company.”
Dos Santos agreed to buy 4.9 percent of Zon yesterday through her Amsterdam-based holding company Jadeium, increasing her total stake in Zon to 14.9 percent, the Lisbon-based company said in a regulatory filing yesterday. Zon shareholders agreed on Jan. 30 to eliminate a 10 percent limit on voting rights in the company.
Isabel dos Santos, the daughter of Angolan President Jose Eduardo dos Santos, is now Zon’s biggest shareholder, according to data compiled by Bloomberg. She also increased her stake in Portugal’s Banco BPI SA (BPI) to 19 percent after agreeing to buy a 9.4 percent stake from CaixaBank (CABK) SA, according to a May 7 regulatory filing from CaixaBank.
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