Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.597

+1.3%

Dec 24 12:59 PM EST

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To: Steve Fancy who wrote (9359)	11/3/1998 4:21:00 PM
From: Steve Fancy	Read Replies (2) of 22640

11 Brazil Telebras Spinoff ADRs Approved For NYSE Listing Dow Jones Newswires NEW YORK -- The registration process for 11 of Telecomunicacoes Brasileiras SA's spinoffs has been completed by the U.S. Securities and Exchange Commission, sources told Dow Jones Newswires. Sources at the Bank of New York and at the New York Stock Exchange, who asked to remain anonymous, said that long-distance carrier Embratel Participacoes SA hasn't yet been registered. They added that the date of record for distribution of the spinoff American depositary receipts and their subsequent listing on the NYSE haven't been decided yet. Officials at Embratel said they had no information about the registration process. Telebras was privatized on July 29, into 12 different companies. The new firms started trading in Brazil on Sept. 21, but their New York listing has been held up, pending SEC registration.

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