CNV Reveals BBH as EDC Stock Buyer

Tuesday, December 7, 1999

Last week's buyer of the Capriles Lopez family's 13.6% stake in Venezuelan integrated power company Electricidad de Caracas (Elecar) was US investment bank Brown Brothers Harriman & Co (BBH), according to a source from the securities & exchange commission (CNV). It is unclear if the stake is for BBH or on behalf of another client, the CNV source said. Rumors are circulating that the transaction is part of an evasion of death duties after the death of Miguel Angel Capriles. BBH sources have been unavailable to comment.

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