Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.030

-3.7%

Nov 7 9:30 AM EST

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To: Steve Fancy who wrote (22352)	6/25/2001 1:50:05 PM
From: Steve Fancy	of 22640

Brazil Tele Centro Oeste Plans Shares Buyback To Lift Price Dow Jones Online News, 06/25/2001 10:40 SAO PAULO -(Dow Jones)- Tele Centro Oeste Celular Participacoes SA (TRO) Monday unveiled plans to buy back as much as 10% of its ordinary and preferred stock over the next three months starting Tuesday. The mobile phone operator is looking to acquire as much as 4.75 billion ordinary shares and 23.40 billion of its preferred stock. The company posted a 31% gain in first quarter net profit to 34.9 million reals ($1BRR2.293). It operates in six central states and has a unit in Brazil's five-state Amazon region, The company said it had extra cash in the bank to carry out the buyback, adding that this was an opportunity to reduce the size of its total equity capital at a time when it believes the share price doesn't reflect the value of its business. At 1402 GMT, preferred stock was up 1.8% at BRR6.63, while ordinary shares were unchanged at BRR8.20. The company, which is the subject of takeover speculation with Portugal Telecom SA (PT) seen by the market as the likely predator, has more than 2 million users. -By Anthony Dovkants, Dow Jones Newswires; 55-11-3145-1478; anthony.dovkants@dowjones.com (This story was originally published by Dow Jones Newswires) Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved

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