Brazil Telesp Part most-traded phone
co
SAO PAULO, Sept 21 (Reuters) - On Monday, the first day the
12 regional phone companies carved out of Brazil's Telebras (NYSE:TBR - news) were listed and
began trading in Sao Paulo, the newly-formed Telesp Participacoes was the most actively traded
share.
Telesp receipts , which bundle all 12 stocks in one contract, were more heavily traded even than
Telesp Participacoes, however.
Minority shareholders in Telebras stocks had the option of trading the stocks in for receipts or taking
possession of the 12 shares.
The 12 Telebras units were sold for about $19 billion in Latin America's biggest privatization auction
ever on July 29.
As of 1345 local/1645 GMT, 106 of a total 140 operations involving the 12 former Telebras units
had been made in Telesp Participacoes preferred shares. The shares were trading at 29 reais.
Telebras receipts had seen 358 operations and were being traded at 83.50 reais.
Trading is concentrated in Telesp Participacoes, the largest of the units, and the receipts due to a
lack of financial information about the newly listed companies, analysts said.
''The information released about the companies was not enough for an analysis,'' said Fabio Nazari,
an analyst at Banco FonteCindam.
Telebras ADRs (NYSE:TBR - news) are expected to be replaced by the 12 companies in New
York trading in October, though no official date has been set. Brazil's Communications Minister Luiz
Carlos Mendonca de Barros said they'll begin trading after Brazil's general elections on October 4.
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