Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.450

-4.3%

Jan 23 9:30 AM EST

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To: Steve Fancy who wrote (6797)	8/18/1998 3:36:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Telebras (NYSE:TBR) to issue results with spinoffs Reuters, Tuesday, August 18, 1998 at 15:19 NEW YORK, Aug 18 (Reuters) - Brazil's Telebras SA (SAO:TELEB4) said Tuesday it would issue results for the quarter ended June 30 when its 12 privatized spinoffs were ready to publish separate financial information. The company said in a statement that it had agreed on the move with the Comissao de Valores Mobiliarios, the Brazilian securities authority. The 12 new companies were set up May 22. The Brazilian government's controlling interest in each was sold July 29 in a $19 billion auction. The new companies will be listed for trade with the Comissao de Valores Mobiliarios and the U.S. Securities and Exchange Commission. "No date has been set for separate trading but it is currently expected to occur during the month of September," the statement said. Telebras said it would "defer the publication of financial information as of June 30, 1998, until the 12 new holding companies split off from Telebras are prepared to publish separate financial information." The information in Telebras and the spinoffs as of June 30 will be published before trading starts in the separate companies. Copyright 1998, Reuters News Service

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