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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Art Baeckel who wrote (21429)	8/21/2000 9:10:27 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Brazil Bradesco starts buyback of Bradespar shares Reuters Company News - August 21, 2000 08:19 Jump to first matched term SAO PAULO, Aug 21 (Reuters) - Brazil's No. 1 private bank Bradesco said it was starting on Monday a buyback of stocks in the newly listed holding company Bradespar at a price of 0.91 reais for a lot of 1,000 shares. The bank said in a statement the operation would last 15 days, ending on Sept 4. Earlier this month, the bank's shareholders received a new Bradespar share for every Bradesco share they owned and the bank said there would be a buyback of Bradespar stock to give shareholders a chance to sell their holdings. There are 689 billion Bradespar shares currently in circulation. Last week, Bradespar posted a net loss of 50.3 million reais ($27.9 million) for the period starting March 1 and ending on June 30. On Friday, Bradespar ordinary shares closed at 1.05 per lot of 1,000 shares, while the preferential stocks ended at 1.17 reais. The buyback price of 0.91 reais had been announced previously. Bradespar, which aims to be more aggressive now that it is out from under the wing of Bradesco, combines holdings in some of the crown jewels of Brazil's old economy stocks, with stakes in a smattering of unlisted utilities and high-tech firms.