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Technology Stocks : TCP tbr spinoff

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To: 2brasil who wrote (7)	12/22/1999 12:14:00 PM
From: 2brasil	of 13

Brazil's Telesp Celular Par restructuring approved SAO PAULO, Dec 21 (Reuters) - Shareholders of Brazil's Telesp Celular Participacoes (TCP) (NYSE:TCP - news) have approved a restructuring plan, the mobile telephone holding company said Tuesday. ''There wasn't a single vote against it,'' the company said in a statement. TCP, owned by Portugal Telecom , at the beginning of the month said it planned to merge all of its units into a single entity and take advantage of a tax credit. The plan was delayed in order to conform with regulations set by Brazil's securities and exchange regulator, known as the CVM. As part of the restructuring, Celular Telecom Holding (CTH) -- the company created by Portugal Telecom to facilitate acquisitions in Brazil -- and the mobile telephone operator Telesp Celular will be rolled into TCP. The plan still has to be approved by Telesp Celular shareholders. The restructuring is likely to be completed in the second half of January, TCP said. ----------------------------------- Continues to move up i am glad i have got it cdma provider will be masssive in brazil!! finance.yahoo.com

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