Brazil Telebras units to trade on Sept 21-source
Reuters, Friday, September 11, 1998 at 11:09
RIO DE JANEIRO, Sept 11 (Reuters) - Trading in the 12 units
that were carved out of Brazilian phone company Telebras
(SAO:TELB4) is expected to begin in Brazil and the United States
on September 21, a source at Brazil's national development bank
said.
The shares were initially expected to begin trading on
September 15, more than a month after they were sold during
Telebras' giant $19 billion privatization auction.
Brazil's CVM securities and exchange commission is slated
to talk about trading in the 12 holding companies at a press
conference at 1600 local/1900 GMT.
"Today the CVM is going to approve the listing of the
holdings to trade in Brazil," the BNDES source said on Friday.
"We are working, speeding up everything to obtain and send
the needed information to begin trading on the 21st, together
with New York," the source added.
Telebras shares, which account for up to 50 percent of
daily trading on Brazil's Bovespa, will be replaced by shares
of the 12 holding companies in a 12-for-one swap when the
shares begin trading.
Copyright 1998, Reuters News Service |
