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Technology Stocks : Vodafone-Airtouch (NYSE: VOD) -- Ignore unavailable to you. Want to Upgrade?

To: David Wiggins who wrote (648)	1/15/1998 6:46:00 PM
From: Roy F	Read Replies (1) \| Respond to of 3175

Spain Airtel to go ahead with bourse listing plans January 15, 1998 06:24 PM MADRID, Jan 15 (Reuters) - Spanish mobile telephone operator Airtel will go ahead with plans to place part of its capital on the bourse this year despite resistance from major shareholder Airtouch Communications Inc ATI . Airtouch controls 21.7 percent of the capital of Airtel. The rest is spread among 12 companies. "Airtouch can give whatever opinion it believes opportune, but the other shareholders that represent almost 80 percent of the capital are in favour of a placement," Airtel managing director Ignacio Sanchez told journalists. An extraordinary Airtel shareholders meeting voted last December in favour of requesting a share listing. "We believe that (a bourse listing) would be good for the group in order to realise profits, and at the first board meeting of this year we will present candidates to coordinate the sale," Sanchez added. He said the chairman of the group, Juan Bello, was in talks with shareholders to see how much of the group's capital should be sold. Sanchez said that since Airtel has been created in 1995, the company value rose by five times to the current value of between 700 and 800 billion pesetas ($5.2 billion). Sanchez said that 1997 estimated turnover was around 112 billion pesetas, with 1.15 million clients and a market share of 27 percent. The operating cash flow was 7 billion pesetas. Sanchez gave a positive evaluation of the past year. "We will reach the break-even before initially forecast with fewer losses," he said. The targets for 1998 are turnover of 170 billion pesetas and a operating cash flow of around 40 billion. Investment would increase by around 30 billion pesetas to 90 billion pesetas in 1998, and workforce by 500 people from the current 2,500. Aside from Airtouch's stake, Airtel is held 15.81 percent held by British Telecom , 14.09 by Spanish bank BCH , and 13.13 percent by several saving banks. Utility Endesa has 8.14 percent, Union Fenosa another 8.14 percent, Banco Santander 0.59 percent, and Corporacion Alba 2.53 percent. Ineuropa, owned by building company Acciona , has 10.82 percent. Airtel chairman Juan Abello has the other five percent through Fersango. ((Robert Hetz, Madrid newsroom, +34 1 585-8340, madrid.newsroom@reuters.com)) ($ = 154.4 Spanish Pesetas) REUTERS