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To: VINCENT MALGAPO who wrote (2174)	5/8/1998 10:55:00 AM
From: Rocky Luman	Read Replies (1) \| Respond to of 9096

Just off the wire, whats your take on it...... biz.yahoo.com Friday May 8, 8:42 am Eastern Time Rules for foreigners in Telebras due out next week SAO PAULO, May 8 (Reuters) - Brazil is likely to decide by May 15 whether it will allow full foreign participation in the sale of federal telecommunications company Telebras (TEL_p.SA)(TBR - news), local newspapers said Friday. Communications Minister Luiz Carlos Mendonca de Barros told reporters he would present to President Fernando Henrique Cardoso next Tuesday several proposals for the foreign participation in the privatization of Telebras, including one with no limits. Mendonca de Barros expects Cardoso to sign a decree with the rules for foreigners in the sale of the company by next Friday, O Estado de Sao Paulo daily said. In its recent sale of Band B cellular phone licenses, Brazil restricted foreign capital to a 49 percent stake in the bidding groups. Earlier this week the new Communications Minister said the government might not place any limits on foreigners in its sale of Band A cellular operators or fixed-line holdings to be spun off from Telebras. Telebras is to be broken up into one long-distance company, three wireline holding firms and eight cellular companies. The sale, tentatively scheduled for July, is expected to be Latin America's largest privatization ever. Mendonca de Barros said a decision on the rules for foreign capital should be taken before the opening of the ''data rooms'' for investors to view information on the Telebras system, slated for May 18, Folha de Sao Paulo newspaper said.