Brazil Telemar to list call center separately

Brazilian telecommunications holding firm Tele Norte Leste Participacoes will spin off and list separately on the exchange its Contax call centre, a top company official said on Friday.

“The value of Contax has not been reflected in Tele Norte Leste,“ Marcos Grodetzky, investor relations director of the company, which is more commonly known as Telemar, told a conference call.

He said he expects the listing on the Sao Paulo Stock Exchange to occur within 60 days after the expected approval of the operation by the extraordinary shareholders’ assembly on December 17.

(From Reuters, November 29, 2004)

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