Embratel Announces: ADR Ratio Change; 1 ADR = 5000 PN Shares as of June 16, 2003.
RIO DE JANEIRO, Brazil--(BUSINESS WIRE)--June 11, 2003
Embratel Participacoes (NYSE:EMT)
Embratel Participacoes S.A. NYSE: EMT; BOVESPA: EBTP3, EBTP4 The Company holds 98.8 percent of Empresa Brasileira de Telecomunicacoes S.A. ("Embratel").
Embratel Participacoes announced today that it is implementing a ratio change of its American Depositary Receipts (ADRs) solely to comply with the minimum share price (US$1.00) requirement for maintaining its ADR listing on the New York Stock Exchange. The ratio change will be in the proportion of 1 ADR = 5000 PN shares and is expected to be effective as of June 16, 2003. There is no change in the underlying PN shares.
Embratel is the premier communications provider in Brazil offering a wide array of advanced communications services over its own state of the art network. It is the leading provider of data and Internet services in the country and is uniquely positioned to be the country's only true national local service provider for corporates. Service offerings: include telephony, advanced voice, high-speed data communication services, Internet, satellite data communications, corporate networks and local voice services for corporate clients. Embratel is uniquely positioned to be the all-distance telecommunications network of South America. The Company's network is has countrywide coverage with 28,868 km of fiber cables comprising 1,068,657 km of optic fibers.