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By Newsfeed/Reuters

RIO DE JANEIRO, BRAZIL -  On Friday, Cielo said it would cut its dividend payout ratio to 30 percent from 70 percent of its net income and canceled its 2019 profit estimate, without providing a fresh estimate.

Last year, Cielo paid 106 percent of its net income.

In a phone interview with Reuters on Saturday, Cielo President Paulo Caffarelli said the company might increase spending on technology, develop new services and products and even consider acquisitions.

"The payout change aims to raise our cash position to face a very competitive market," Caffarelli said. Cielo increased its market share . . .

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