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

To: Steve Fancy who wrote (1553)	4/9/1998 2:10:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Closing Date Set For Accepting Bids On Stake In Brazil's Telebras Dow Jones Online News, Thursday, April 09, 1998 at 12:31 NEW YORK -(Dow Jones)- Companies interested in bidding in the sale of 21% of Brazilian telecommunications giant Telecomunicacoes Brasileiras SA, or Telebras, will likely be required to register on Tuesday, a government official said Thursday. The call for registration will be published in Brazil's main newspapers and in the official gazette in the coming days, and registration itself will take place "most likely Tuesday", Telecommunications Ministry spokesman Chico Mendonca said. "There won't be any decision taken on the 14th, just an inscription of the companies," Mendonca said. He added that the initial sign-up applies only to individual companies - and not bidding consortia - "in order to have a list of those interested". Investors are also expecting in the next few days a presidential decree establishing levels of foreign participation allowed in the Telebras sale. "This decree is being readied, but there is no percentage defined as of yet," Juarez Quadros, executive secretary of the Telecommunications Ministry, said in Thursday's edition of financial daily Gazeta Mercantil. In the B-Band cellular licenses currently being auctioned, foreign companies have been limited to a 49% stake in the bidding consortia. Telebras (TBR) president Fernando Xavier Ferreira was also quoted in Thursday's Gazeta Mercantil saying: "Foreign capital cannot be absent from the Telebras bidding," though he didn't elaborate. Telebras, the holding company for Brazil's state telecommunications system, will be split into 12 separate companies, each of which will have its own stock. Current Telebras shareholders will receive shares in all 12 companies. Officials say that the 12 stocks to be formed are likely to get full New York Stock Exchange listings. With $79 billion in trades, it was the third most actively traded stock on the NYSE last year, trailing IBM Corp. and Compaq Computer Corp., and was the top-traded foreign stock. -By Margarita Palatnik; 201-938-2226; margarita.palatnik@cor.dowjones.com; and Geraldo Samor Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved.