TELEBRAS telecom stock up 239%
Telecomunicações Brasileiras S.A.(TELEBRAS) saw its preferred stock go up 239.29% and its common stock go up 96.79% in the regular trading session of the São Paulo Stock Exchange (BOVESPA) Monday (Jan. 11). The rise was prompted by a report in Folha de S. Paulo newspaper that the government is considering merging TELEBRAS with the Federal Data Service (SERPRO), a state-owned company which provides information technology and telecommunications services for the government and is among the largest of its kind in Latin America, and DATAPREV, a state-owned company responsible for Brazil's pension data system, to create a single, state-owned IT/telecom corporation.
Housed under the Ministry of Communications, TELEBRAS is a state-controlled company authorized to operate and maintain the networks that the federal istration's telecommunications services, including the infrastructure for the government's National Broadband Program.
SERPRO's press office has not confirmed the merger.
A meeting of TELEBRAS, SERPRO and DATAPREV executives is slated for Tuesday (12), in Brasília.
Translated by Mayra Borges
Fonte: TELEBRAS telecom stock up 239%
