Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.170

+6.4%

Nov 12 3:59 PM EST

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To: Steve Fancy who wrote (7344)	9/1/1998 10:38:00 PM
From: Steve Fancy	Read Replies (1) of 22640

**!!Brazil's Telebras spinoffs to go public on Sept 15 Reuters, Tuesday, September 01, 1998 at 22:16 BRASILIA, Sept 1 (Reuters) - The 12 companies spun off from Telebras for its July 29 privatization will begin trading simultaneously in Brazil and the United States on September 15, Brazil's Communications Minister said on Tuesday. "The forecast is that the stocks will be listed on the bourses on September 15," said Communications Minister Luiz Carlos Mendonca de Barros. Telebras (SAO:TELB4) stock will be replaced in a one-for-12 swap by shares in the 12 telephone holding companies that were sold to investors for $19 billion. Mendonca de Barros said he wasn't concerned about the recent drop in Telebras' share price as it accompanied the plunge in Brazil's stock index. "When the shares are in the bourses, the market will begin to evaluate the 12 companies separately," he said. Investors will have the choice of trading in their Telebras shares or American Depositary Receipts (NYSE:TBR) for stock in the new companies or for receipts that bundle the 12 units. Telebras preferred shares have tumbled 34.7 percent since the privatization auction to 89.10 reais while ADR's have plunged more than 36 percent. Copyright 1998, Reuters News Service

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