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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
 
For the month of June, 2004

Commission File Number 1-13758
 
 

PORTUGAL TELECOM, SGPS, S.A.
(Exact name of registrant as specified in its charter)
 

Av. Fontes Pereira de Melo, 40
1069 - 300 Lisboa, Portugal
(Address of principal executive office)
 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

 Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Yes _______ No ___X____

ANNOUNCEMENT

Portugal Telecom, SGPS, S.A.
Open Company
Registered Offices: Avenida Fontes Pereira de Melo, 40, Lisbon
Share Capital: Euro 1,254,285,000
Registered in the Conservatory of the Commercial Registry of Lisbon under no. 03602/940706
Collective Person no. 503 215 058

PT’S SHARE BUY BACK PROGRAMME REACHES MORE THAN 4%

Pursuant to the terms and for the purposes of subparagraph a) of no.1 of article 11 of the Portuguese Securities Market Commission Regulation no. 04/2004, Portugal Telecom, SGPS, S.A. (“PT”) announces that, according with the program of own shares acquisition approved at the AGM held on 2 April 2004, has acquired since 5 April 2004 on the Euronext Stock Exchange a total of 54,225,108 PT Shares equivalent to 4.32% of its share capital, as follows:

5 April 2004 - Acquisition of 640,000 PT shares, equivalent to 0.05% of PT’s share capital, as follows:

6 April 2004 - Acquisition of 500,000 PT shares, equivalent to 0.04% of PT’s share capital, as follows:

7 April 2004 - Acquisition of 500,000 PT shares, equivalent to 0.04% of PT’s share capital, as follows:

8 April 2004 - Acquisition of 225,000 PT shares, equivalent to 0.02% of PT’s share capital, as follows:

13 April 2004 - Acquisition of 700,000 PT shares, equivalent to 0.06% of PT’s share capital, as follows:

14 April 2004 - Acquisition of 610,000 PT shares, equivalent to 0.05% of PT’s share capital, as follows:

15 April 2004 - Acquisition of 610,000 PT shares, equivalent to 0.05% of PT’s share capital, as follows:

16 April 2004 - Acquisition of 800,000 PT shares, equivalent to 0.06% of PT’s share capital, as follows:

30 April 2004 - Acquisition of 610,000 PT shares, equivalent to 0.05% of PT’s share capital, as follows:

3 May 2004 - Acquisition of 310,000 PT shares, equivalent to 0.02% of PT’s share capital, as follows:

4 May 2004 - Acquisition of 500,000 PT shares, equivalent to 0.04% of PT’s share capital, as follows:

5 May 2004 - Acquisition of 250,000 PT shares, equivalent to 0.02% of PT’s share capital, as follows:

6 May 2004 - Acquisition of 205,000 PT shares, equivalent to 0.02% of PT’s share capital, as follows:

7 May 2004 - Acquisition of 610,000 PT shares, equivalent to 0.05% of PT’s share capital, as follows:

10 May 2004 - Acquisition of 400,000 PT shares, equivalent to 0.03% of PT’s share capital, as follows:

11 May 2004 - Acquisition of 610,000 PT shares, equivalent to 0.05% of PT’s share capital, as follows:

12 May 2004 - Acquisition of 500,000 PT shares, equivalent to 0.04% of PT’s share capital, as follows:

13 May 2004 - Acquisition of 500,000 PT shares, equivalent to 0.04% of PT’s share capital, as follows:

14 May 2004 - Acquisition of 200,000 PT shares, equivalent to 0.02% of PT’s share capital, as follows:

17 May 2004 - Acquisition of 610,000 PT shares, equivalent to 0.05% of PT’s share capital, as follows:

18 May 2004 - Acquisition of 515,000 PT shares, equivalent to 0.04% of PT’s share capital, as follows:

20 May 2004 - Acquisition of 400,000 PT shares, equivalent to 0.03% of PT’s share capital, as follows:

21 May 2004 - Acquisition of 400,000 PT shares, equivalent to 0.03% of PT’s share capital, as follows:

PT has also acquired to ABN AMRO BANK N.V., on 16 June 2004, 43,020,108 PT shares, equivalent to 3.43% of its shares listed in the Lisbon and Oporto Stock Exchange, through an OTC transaction, at an average price of Euro 7.78 per share. This transaction was executed in connection with the physical settlement of an equity swap established with ABN AMRO BANK, N.V.

After these transactions PT holds 54,225,108 of its own shares, equivalent to 4.32% of its share capital. Additionally, PT informs that it has equity swap contracts under the terms of which PT has the option to acquire PT shares, equivalent to 2.19% of its share capital.

Lisbon, 18 June 2004

 
SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 18, 2004

 
PORTUGAL TELECOM, SGPS, S.A.
By:
/S/  Nuno Prego
 
Nuno Prego
Investor Relations Director
 

 

 
FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.