Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.430

+6.6%

1:36 PM EST

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To: wl9839 who wrote (15379)	5/18/1999 9:19:00 PM
From: wl9839	Read Replies (4) of 22640

DJ Citicorp, Opportunity Make Early Brazil Telecom Payment Dow Jones Newswires RIO DE JANEIRO -- U.S.-based investment fund Citicorp Venture Capital and Brazilian Banco Opportunity announced late Tuesday their umbrella group will bring forward the 1.2 billion real ($1=BRR1.6650) payment later this month due for Brazilian telecommunications company Tele Centro Sul Participacoes SA (TCS). The consortium - led by Telecom Italia SpA (TI) - bought a controlling stake in Tele Centro Sul for BRR2 billion as part of the sale of former federal telecommunications holding Telebras in July 1998. Under the terms of the sale, 40% was paid up front, while the remaining BRR1.2 billion was to be disbursed to the Brazilian government in two equal installments in August 1999 and August 2000. Mary Lynn Putney, CEO of CVC, and Opportunity president Daniel Dantas, said the BRR1.2 billion will be paid later this month. -By Jamie McGeever (5521) 580-9394; jmcgeever@ap.org

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