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

To: EPS who wrote (7089)	8/25/1998 10:06:00 AM
From: djane	Respond to of 22640

MCI to invest $620 mln in Embratel in 1998-report Tuesday August 25, 8:05 am Eastern Time SAO PAULO, Aug 25 (Reuters) - MCI Communications Corp. (MCIC - news) plans to invest $620 million over the next four months in Embratel, Brazil's long-distance carrier that it bought at a privatization auction last month, Brazil's leading financial daily, Gazeta Mercantil, reported Tuesday. The brunt of the investments will be used to extend Embratel's fiber optic network to 20,800 kilometers (13,000 miles) from its current 16,200 kilometers, MCI directors said after a visit to Brazil last week, the paper said. MCI agreed to meet the investment targets set by Embratel when it was still a state-controlled subsidiary of Telebras (TELB4.SA). Investors snapped up all 12 of Telebras' units at high premiums during the July 29 auction. MCI also said that Embratel customers will begin to receive a separate bill for their long distance calls, instead of the current single bill that bundles local and long distance charges, beginning in 1999. Copyright c 1998 Reuters Limited. All rights reserved.