BCI to take controlling interest of Canbras Communications Corp.MONTREAL--(BUSINESS WIRE)--May 16, 1997--BCI Bell Canada Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc., is a major Canadian telecommunications company. Through its subsidiaries including Bell Canada, Bell Aliant, Northwestel, Télébec, and NorthernTel, it is the incumbent local exchange carrier for International Inc. (BCI BCI Bat Conservation International BCI Brain-Computer Interface BCI Business Continuity Institute BCI Business Cycle Indicators BCI Banco de Credito e Inversiones (Chilean bank) BCI Bell Canada International ) announced that a BCI subsidiary has exercised its right to convert debentures of a subsidiary of Canbras Communications Corp. into a 51 percent equity interest, with the intention to take a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Canbras Communications Corp. through the subsequent exchange of the shares for newly issued shares of the parent company. The process is expected to be completed in early June, subject to the approval of appropriate regulatory authorities. Canbras Communications Corp. owns a 64 percent interest in the Brazilian cable television company, Canbras TVA TVA: see Tennessee Valley Authority. Cabo Ltda, which operates in 10 cities with over one million households in the So Paulo city area. The remaining 36 percent interest in the venture is held by TVA, one of Brazil's leading pay television operators and program suppliers, which is majority owned by South America's largest magazine publisher, Group Abril. In announcing the decision to convert the debentures, Derek H. Burney, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BCI stated: "BCI has been pleased by the performance of the Canbras TVA operation and is excited by the potential of the Brazilian market. In concert with our Brazilian partner, we hope to expand the cable television business while positioning Canbras Communications for synergistic telecommunications opportunities, to the benefit of all Canbras shareholders." Burney noted: "BCI is moving forward in Brazil on two fronts. One is broadband cable via Canbras Communications. The second is cellular telephony, where BCI is participating in a consortium which should secure at least one, and hopefully two cellular licences in the current Brazilian licence process." A wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Inc., Canada's largest telecommunications company, BCI is BCE's primary vehicle for investment in network operations outside Canada, with significant investments in broadband cablephone and mobile wireless companies in the United Kingdom, United States, Latin America and Asia. CONTACT: Bell Canada International Peter Burn, 514/392-2264 |
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