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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 4:13:00 PM
From: Steve Fancy  Read Replies (1) of 22640
 
Brazil Telebras Spin-Off Trading Expected In Sept.

Dow Jones Newswires

NEW YORK -- Telecomunicacoes Brasileiras SA (TBR), known as
Telebras, said Tuesday it will defer publication of financial statements as of
June 30 until the 12 new holding companies split from Telebras are prepared
to publish separate financial information.

In the same press release, Telebras said that separate trading for the 12
spin-offs in Brazil and the U.S. "is currently expected to occur during the
month of September."

"Prior to the commencement of separate trading, separate financial information
as of June 30, 1998, will be published for each new holding company and for
Telebras. Until then, the publication of financial information for Telebras will be
deferred," the company said in a press release.

The 12 holding companies were established on May 22; the Brazilian
government sold off controlling stakes in them on July 29, for a total of $19
billion.

In order for trading to occur, regulators in the U.S. and Brazil must issue
registrations for the spin-offs.

Brazilian securities regulators have indicated they are ready to issue their
registrations, but are willing to wait for the U.S. Securities and Exchange
Commission for its approvals.

The SEC is currently evaluating the companies' financial information and won't
comment on the registration process.

-By Margarita Palatnik; 201-938-2226; margarita.palatnik@cor.dowjones.com
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