SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.372-8.1%Feb 5 3:57 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: djane who wrote (8915)10/9/1998 11:11:00 AM
From: Steve Fancy  Read Replies (3) of 22640
 
NYSE to list Telebras units in 10-15 days -BNDES

Reuters, Friday, October 09, 1998 at 10:43

RIO DE JANEIRO, Oct 9 (Reuters) - The New York Stock
Exchange should list shares of the 12 companies that will
replace Brazil's Telebras ADRs (NYSE:TBR) in 10 to 15 days, an
official at Brazil's National Development Bank said on Friday.
"Counting from now, in the next 10 days or 15 days maximum
they're going to be trading there," said BNDES vice-president
Jose Pio Borges.
Telebras shares already have been replaced in Brazil by
stock in the 12 companies that were carved out of the former
telephone monopoly and sold at a privatization auction in
November.
The U.S. Securities and Exchange Commission has not yet
approved the 12-for-one share swap in the United States.
Pio Borges also said that he sees the new owners of the
cellular and fixed-line telephone companies investing between
$50 and $60 billion through the year 2007. Brazil fetched about
$19 billion for the telephone companies at auction on July 29.
Telebras shares in Brazil were replaced by stock in the 12
companies on Sept. 21, but most investors traded Telebras in
for receipts which bunch all of the 12 companies in a basket of
shares.
Telebras preferred receipts (SAO:RCTB40), which became the
Sao Paulo bourse bellwether with the demise of Telebras
preferred, rose 3.58 percent to 83.90 reais in morning trading
on Friday.
Telebras is also the benchmark of ADR trade in New York.
The ADR was up 2 7/8 at 70 1/4.

Copyright 1998, Reuters News Service
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News