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COMPANIA DE TELEFONOS DE CHILE ISSUES STATEMENT REGARDING DEVELOPMENTS OF TELECOMMUNICATIONS LAW IN CHILE

 SANTIAGO, Chile, Nov. 9 /PRNewswire/ -- Today, Compania de Telefonos de Chile (NYSE: CTC) issued the following statement regarding developments in reference to the Telecommunications Law in Chile:
 "Today, Tuesday, Nov. 9, the Chilean Chamber of Deputies is scheduled to vote on a Telecommunications Bill which amends the existing Telecommunications law. This Bill, if passed, would provide for segmentation of the telecommunications market. This Bill has been proposed by the Telecommunications Sub-Committee which has twice approved such Bill.
 "CTC wishes to inform its investors that the vote by the Chamber of Deputies is just one of the many governmental steps that this Bill has yet to go through. If approved by the Chamber of Deputies, the Bill then goes to the Senate for discussion. As Congressional elections will be held on Dec. 11, and summer holidays are in February, the probability of the Bill being approved before March 1994 is low.
 "At the time of the release of this statement there is information that the necessary quorum to start the Chamber of Deputies meeting today may not be present. If the Chamber of Deputies does not assemble today, the vote will be postponed indefinitely because of the upcoming Congressional recess.
 "CTC expects that before year end the Supreme Court will affirm an administrative antitrust ruling on the same subject. This ruling established the legality of vertical integration of local telephone companies and thus permits CTC to increase its participation in the long distance business. CTC has taken all the necessary steps to take advantage of this ruling."
 -0- 11/9/93
 /CONTACT: Claudio Garcia, chief financial officer of CTC, in Chile, 011-562-206-7056, or Felicia Vonella of Dewe Rogerson, in New York, 212-688-6840/
 (CTC)


CO: Compania de Telefonos de Chile ST: IN: TLS SU:

GK-LG -- NY019 -- 2078 11/09/93 08:51 EST
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Date:Nov 9, 1993
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