NYSE to list 12 Telebras spin-offs on Monday
Reuters, Wednesday, November 11, 1998 at 12:59
NEW YORK, Nov 11 (Reuters) - The New York Stock Exchange
said Wednesday it would list next week all of the holding
companies that were spun off from Telebras (SAO:TEL_.P) (NYSE:TBR),
Brazil's telecommunications giant that was privatized last
summer.
The exchange, the world's largest, said in a statement that
the listing would be the final step of the spin-off, which it
described as the largest of a listed company on the Big Board.
"We are honored to welcome all 12 companies into the family
of NYSE-listed companies," it said.
The announcement comes less than a week after Telebras made
a similar one, saying it would distribute American Depositary
Receipts (ADRs) for each holding company to holders of its own
receipts on November 13.
Telebras ADRs, which represent a lot of 1,000 ordinary
shares in the company, were trading $0.75 lower at $82.81 in
light volume at midday.
The 12 companies are Telebras's eight cellular companies,
three fixed-line companies and long-distance carrier Embratel
(SAO:EBTP4).
The cellular companies Telesp Celular (SAO:TSPP4), Tele
Sudeste Celular (SAO:TSEP4), Tele Sul Celular (SAO:TCSL4),
Telemig Celular (SAO:TMCP4), Tele Leste Celular (SAO:TLCP4), Tele
Centro Oeste Celular (SAO:TCOC4) and Tele Nordeste Celular
(SAO:TNNEP4) and Tele Norte Celular (SAO:TNCP4).
The fixed-line companies are Telesp Participacoes
(SAO:TSPP4), Tele Centro Sul Participacoes (SAO:TCSP4) and Tele
Norte Leste Participacoes (SAO:TNLP4).
Telebras is not only a benchmark for Latin American stocks
but also one of the most actively traded on the NYSE, which
first listed it on Nov. 1, 1995.
An ADR enable U.S. traders to deal in foreign stock without
having to go to overseas.
Copyright 1998, Reuters News Service |
