COMPANIA DE TELEFONOS DE CHILE S.A.
COMPANIA DE TELEFONOS DE CHILE S.A. SANTIAGO, Chile, April 8 /PRNewswire/ -- Compania de Telefonos de
Chile S.A. (NYSE: CTC) announced today that the Resolutory Commission in charge of enforcing antimonopoly legislation in Chile has affirmed an earlier ruling by the Preventive Commission that Telefonica de Espana S.A. (Telefonica), the controlling shareholder of CTC, may not simultaneously own shares in both CTC and Empresa Nacional de Telecommunicaciones S.A. (Entel), a long distance carrier. The ruling requires that Telefonica disposes of its equity interest in either CTC or ENTEL within the next 18 months. Telefonica has advised CTC that it intends to appeal the ruling to the Chilean Supreme Court.
Compania de Telefonos de Chile, the first South American company to list its shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, owning approximately 95 percent of all telephone lines in the country. The company's business is providing local, long distance and international telephone services in 77 percent of the country's territory where 92 percent of Chile's population resides. Additionally, the company operates a cellular network in two principal metropolitan areas of Chile, Santiago and Valparaiso. -0- 4/8/92 /CONTACT: Jaime Charles, vice president of Compania de Telefonos de Chile, 011-562-696-1147, or Joseph N. Jaffoni or Felicia Vonella of Dewe Rogerson Inc., 212-688-6840, for Compania de Telefonos de Chile/ (CTC) CO: Compania de Telefonos de Chile S.A. ST: IN: TLS SU:
PS -- NY100 -- 6481 04/08/92 17:47 EDT
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|Date:||Apr 8, 1992|
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