TBR Page

Telebras FAQs
Brazilian Exchanges
Dissolution Plan
Notable Quotes
TBR Humor

Telebras' Investor Relations site: Contains both information about TBR and the 12 spin-offs, so be sure to keep your stocks straight!

FY1998 Notes: Discusses the spin-off, balances sheets, etc.

Auditor's report: Pay special attention to the second to the last paragraph which discusses possible extraordiary liabilities during Telebras' "winding up" process.

Downloadable Telebras reports on the Georgeson website.

Background Telecom. Brasileiras S.A. (TBR) was the supplier of public telecommunications services in Brazil, providing all inter-state, international and intra-state services. In November 1998, the Brazilian government broke the company into 12 separate spin-off companies. Shareholders on record on 18 November 1998 received in their accounts the following spinoffs, as recorded by the Chicago Board of Exhange:

Name of Spinoff	Symbol	Distribution Ratio
Telesp Participacoes S.A	TSP	1.00 TSP per 1 TBR
Tele Centro Sul Participacoes S.A.	TCS	0.20 TCS per 1 TBR
Tele Norte Leste Participacoes S.A.	TNE	1.00 TNE per 1 TBR
Embratel Participacoes S.A.	EMT	1.00 EMT per 1 TBR
Telesp Celular Participacoes S.A.	TCP	0.40 TCP per 1 TBR
Tele Sudeste Celular Participacoes S.A.	TSD	0.20 TSD per 1 TBR
Telemig Celular Participacoes S.A.	TMB	0.05 TMB per 1 TBR
Tele Celular Sul Participacoes S.A.	TSU	0.10 TSU per 1 TBR
Tele Nordeste Celular Participacoes S.A.	TND	0.05 TND per 1 TBR
Tele Leste Celular Participacoes S.A.	TBE	0.02 TBE per 1 TBR
Tele Centro Oeste Celular Participacoes S.A.	TRO	0.333TRO per 1 TBR
Tele Norte Celular Participacoes S.A.	TCN	0.02 TCN per 1 TBR

These twelve companies are now traded separately, and also under a basket stock symbol (TBH), called Telebras, which is often and confusedly interchanged with TBR by brokerage houses, CNBC reporters, and disreputable Yahoo! board members. The two are obviously different however--TBH trades in the $60s-$90s, TBR trades at about 4 cents.