Embratel Announces: ADR Ratio Change; 1 ADR = 5000 PN Shares as of June 16, 2003.Business Editors/High-Tech Writers
RIO DE JANEIRO Rio de Janeiro, city, Brazil
Rio de Janeiro (rē`ō də zhänā`rō, Port. rē` thĭ zhənĕē`r , Brazil--(BUSINESS WIRE)--June 11, 2003
Embratel Participacoes (NYSE NYSE
See: New York Stock Exchange :EMT See Efficient markets theory. )
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 American Depositary Receipt (ADR)
Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADRs) solely to comply with the minimum share price (US$1.00) requirement for maintaining its ADR ADR - Astra Digital Radio listing on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . 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.