Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

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To: Steve Fancy who wrote (9327)	11/4/1998 10:53:00 AM
From: Steve Fancy	Read Replies (2) of 22640

Brazil's Embratel expects to be listed on NYSE Reuters, Wednesday, November 04, 1998 at 10:42 RIO DE JANEIRO, Nov 4 (Reuters) - Brazil's privatized long-distance telephone carrier Embratel (SAO:EBTP4)(SAO:EBTP3) said on Wednesday it expects to start trading on the New York Stock Exchange (NYSE) together with 11 other firms spun off of Telebras (NYSE:TBR). The U.S. Securities and Exchange Commission on Tuesday approved NYSE trading of 11 of the 12 telephone units carved out of former telephone giant Telebras, but left out Embratel. The SEC gave no reason for its exclusion of Embratel. Embratel said on Wednesday it does not need SEC approval to trade as it will inherit the registration number of the former Telebras's American Depositary Receipts (NYSE:TBR), which still trade on the NYSE. "Embratel was considered the successor of Telebras' registration number with the SEC, and that is why it did not get a new registration yesterday," Embratel's spokeswoman said. Copyright 1998, Reuters News Service

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