TAM issues shares to be traded on the NYSE.
Brazil's TAM SA airline (Bovespa: TAMM4) has issued shares in the form of ADSs (American Depositary Shares) represented by ADRs (American Depositary Receipts).
The shares were set to begin trading last Friday (10 March) on the New York Stock Exchange with the symbol TAM. The initial public offering (IPO) of shares on the NYSE corresponds to the international offer and is part of the global offer that TAM is making in Brazil and abroad by means of a simultaneous primary distribution of 5,000,000 new preference shares and a secondary distribution of 30,618,098 shares belonging to existing shareholders.
The international offer can be increased by a supplementary lot of up to 15% of the total ADSs initially offered. These options are designed exclusively to meet a possible excess of demand which might be detected during the global offer.
The carrier said that the net resources obtained from the share issue giving rise to the primary distribution will be used by TAM entirely to finance its activities by means of capital infusions in its operational subsidiaries.
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|Publication:||Airline Industry Information|
|Article Type:||Brief Article|
|Date:||Mar 15, 2006|
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