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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.945-1.1%Nov 26 3:59 PM EST
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To: Jerry A. Laska who wrote (6254)8/3/1998 2:53:00 PM
From: Alan Palange  Read Replies (1) of 22640
 
SAO PAULO, Aug 3 (Reuters) - Brazil's Telebras <TELB4.SA>
said on Monday it was sending documents to the U.S. Securities
and Exchange Commission (SEC) to register for trading the 12
units that were spun off of the telecommunications holding
company.
"We are complying with the SEC's legal proceedings, but we
don't have any idea when the listings will be made," said Lauro
Cesar Cerqueira de Amorim, Telebras' director of market
relations.
Telebras' was split into 12 companies in preparation for
the holding company's massive privatization auction on July 29.
The sale fetched $19 billion.
Shareholders will soon receive stock in all 12 companies in
a one-for-12 trade when the new shares are listed. Before
allowing the new companies to replace Telebras <TBR.N> ADRs,
the SEC has to register them.
Brazil's regulatory equivalent, the CVM, said it was
prepared to list the companies on Brazilian exchanges, but was
waiting for the SEC approval so that trading in both countries
could begin at the same time.
"We are simply waiting for registration in the SEC in order
to announce it simultaneously," said Fabio Fonseca, director of
the CVM.


REUTERS
Rtr 14:24 08-03-98

Copyright 1998, Reuters News Service
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