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

To: Jerry A. Laska who wrote (6254)	8/3/1998 2:53:00 PM
From: Alan Palange	Read Replies (1) \| Respond to of 22640

SAO PAULO, Aug 3 (Reuters) - Brazil's Telebras <TELB4.SA> said on Monday it was sending documents to the U.S. Securities and Exchange Commission (SEC) to register for trading the 12 units that were spun off of the telecommunications holding company. "We are complying with the SEC's legal proceedings, but we don't have any idea when the listings will be made," said Lauro Cesar Cerqueira de Amorim, Telebras' director of market relations. Telebras' was split into 12 companies in preparation for the holding company's massive privatization auction on July 29. The sale fetched $19 billion. Shareholders will soon receive stock in all 12 companies in a one-for-12 trade when the new shares are listed. Before allowing the new companies to replace Telebras <TBR.N> ADRs, the SEC has to register them. Brazil's regulatory equivalent, the CVM, said it was prepared to list the companies on Brazilian exchanges, but was waiting for the SEC approval so that trading in both countries could begin at the same time. "We are simply waiting for registration in the SEC in order to announce it simultaneously," said Fabio Fonseca, director of the CVM. REUTERS Rtr 14:24 08-03-98 Copyright 1998, Reuters News Service

To: Jerry A. Laska who wrote (6254)	8/3/1998 3:40:00 PM
From: Jerry A. Laska	Read Replies (3) \| Respond to of 22640

All groups make initial payment for Telebras-bolsa RIO DE JANEIRO, Aug 3 (Reuters) - All consortia that last week bought Telebras' (TBR - news; TELB4.SA) 12 holding companies made an initial payment for the units, the Rio de Janeiro Stock Exchange said on Monday. Groups were required to exchange financial guarantees they deposited for checks worth 40 percent of the price paid for each holding, the bolsa said. Some of the world's leading telecommunications companies such as Spain's Telefonica (TEF.MC), U.S.-based MCI Communications Corp. (MCIC - news) and Telecom Italia (TIT.MI) acquired Telebras' three fixed-line units, cellular operators and long-distance carrier Embratel. Brazil raised $19 billion with last week's massive sale of Telebras. biz.yahoo.com