The auction has started...
RIO DE JANEIRO, July 29 (Reuters) - The Rio de Janeiro stock exchange began on schedule the privatization of Brazilian telephone company Telebras <TELB4.SA> <TELB3.SA>, a bolsa official said on Wednesday.
The first of 12 Telebras subsidiaries on the block was Telesp <TLSP3.SA> <TLSP4.SA>, which provides fixed-line services in Brazil's developed Sao Paulo state.
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Wednesday, 29 July 1998 09:00:26
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RIO DE JANEIRO (DOW JONES)--THE PRIVATIZATION OF TELECOMUNICACOES BRASILEIRAS
SA (TBR), OR TELEBRAS, BEGAN AT THE RIO DE JANEIRO STOCK EXCHANGE WEDNESDAY ON
SCHEDULE.
THE PRIVATIZATION CONSISTS OF A THREE-PART, SEALED-ENVELOPE AUCTION IN WHICH
THE 12 UNITS WILL BE SPLIT INTO FOUR BLOCKS. THE TOTAL MINIMUM BID PRICE IS
13.47 MILLION REALS (BRL)($1=BRL1.17).
IN THE FIRST PART, INVESTORS WILL PRESENT BIDS FOR TELESP FIXED-LINE SERVICE,
THE MOST EXPENSIVE OF THE 12 COMPANIES, WITH A MINIMUM BID OF BRL3.52 BILLION.
THEY WILL ALSO BID FOR THE OTHER TWO FIXED-LINE COMPANIES AND EMBRATEL.
THE SECOND PART IS RESERVED FOR CELLULAR COMPANIES IN HIGHLY POPULATED AREAS
AND, FINALLY, THE LEAST-EXPENSIVE CELLULAR CARRIERS.
(END) DOW JONES NEWSWIRES 07-29-98 09:08 EDT
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Wednesday, 29 July 1998 09:14:17
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