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

To: Steve Fancy who wrote (1530)	4/8/1998 2:20:00 PM
From: Jerry A. Laska	Read Replies (1) \| Respond to of 22640

Bolsa creates TBR post-split receipts: biz.yahoo.com "Wednesday April 8, 12:45 pm Eastern Time Brazil bolsa creates Telebras post-split receipts SAO PAULO, April 8 (Reuters) - Brazil's Sao Paulo Stock Exchange (Bovespa) said Wednesday it has created receipts that will allow investors to trade in Telebras after its pre-privatization break-up. A Bovespa spokesman said the bolsa has created TELB 30 and TELB 40 receipts representing the shares in the 12 companies to be formed out of the federal telecommunications holding before it is sold in June or July. TELB 30 will represent holdings of Telebras common (TEL.SA) while TELB 40 will represent preferred shares (TEL_p.SA). Brazil's government plans to break up Telebras into eight cellular companies, three wireline firms and a long-distance carrier before it is privatized. No date has been set yet for the company's split-up. The spokesman said investors, starting immediately, may convert shares into the new receipts or continue trading preferred and common stock as usual. ''The receipts are just an option in the market,'' he said. It was not immediately clear if investors in Telebras' American Depositary Receipt (ADR) (TBR - news) may also convert their holdings into receipts. The spokesman said the bolsa also will create options on those TELB 30 and TEL 40 receipts. Telebras common and preferred are traded locally in lots of 1,000 shares."