Brazil's Banespa preferred to resume trade Tuesday
Reuters, Monday, December 29, 1997 at 13:00
SAO PAULO, Dec 29 (Reuters) - The Sao Paulo Stock Exchange (Bovespa) on Monday said it would allow trading of preferred shares of Sao Paulo state's Banespa (SAO:BES_.P) bank to resume on Tuesday.
The suspension of Banespa's common stock would stay in place pending a statement from the bank regarding its minority shareholders, the exchange said. Trading in both stocks has been halted since Friday as the request of Banespa, after the federal government assumed control of the bank from Sao Paulo state.
The transfer, part of an agreement to reschedule the state's huge debts with Brasilia, is a step toward the bank's privatization, which is expected next year. On Saturday, Banespa published financial statements for the last four years, showing a net profit of 1.273 billion reais in 1996 and 939.7 million reais in the first half of 1997.
Banespa had not published financial results since December 1994 when it was put under special central bank management.
Last Tuesday, before the suspension, Banespa preferred shares closed at 45.50 reais, while its common stock ended at 39 reais.
Copyright 1997, Reuters News Service |
