New CVRD Sales Edict to be Published
Bnamericas Published: Thursday, November 14, 1996
The Brazilian Government will publish a new sales edict in December for Cia. Valedo Rio Doce, CVRD, the largest mining company in Latin America. This was revealed by Raimundo Brito, the Brazilian minister of Energy and Mines, who explained that "all the mistakes and doubts in the document will be corrected and the edited version will be published next month". New regulations prohibiting the purchase of the state-company by a multinational iron ore consumer/exporter, will be included in the document. Despite criticism voiced by Jose Sarney, president of the Senate and ex-head of state Itamar Franco, the privatization program is to be carried out in three stages. First of all, a company called Velacom is to be formed, a society which will hold 45% of the company's shares. Then, 5,5% of the personal titles will be sold and in the final stage, 49,5% of the capital will be released for sale to the public, through the Brazilian stock exchange.
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