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 (22424)	7/21/2001 12:56:30 AM
From: Steve Fancy	Read Replies (1) of 22640

Brazil Embratel says WorldCom not selling stake Reuters, 07/20/2001 18:14 SAO PAULO, Brazil, July 20 (Reuters) - Brazilian long-distance telephone company Embratel (SAO:EBTP4) said on Friday that its controlling shareholder WorldCom Inc. (NASDAQ:WCOM) had no intention of selling its stake in the company. U.S. voice and data services company WorldCom said earlier this month that it was changing its accounting methods relating to its stake in Embratel and would no longer combine Embratel's financial results with its own. WorldCom owns a 19 percent controlling stake in Embratel. "WorldCom has no intention to sell all or any part of its shares in Embratel, currently held by subsidiaries of WorldCom," Embratel said in a statement released Friday. The Sao Paulo Stock Exchange requested the statement after speculation in the market and in local media in past days suggested WorldCom was looking to sell the stake. The statement said there was no agreement between WorldCom and any other company or financial institution to sell the Embratel shares. WorldCom, however, "periodically reviews all its investments, with the aim of maximizing value for its shareholders," the statement said. Embratel shares jumped 7.9 percent to 15.10 reais on Friday while the benchmark Bovespa (INDEX:$BVSP.X) stock market gained 2.4 percent. saopaulo.newsroom@reuters.com)) Copyright 2001, Reuters News Service

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