Proposal submitted for CANTV to re-launch on local stock exchange

13 Jun 2007

The Caracas Stock Exchange has submitted a proposal with the Ministry of Telecommunications for newly nationalised incumbent telco CANTV to launch a new share offer on the Venezuelan stock market. Chairman of the bourse, Víctor Flores Rojas, told news agency ABN that the re-float could be based upon a unification of shares. Under the proposal, preferred stock would be issued to workers and shareholders holding Class A and Class B shares, through a share swap. The public stock offer would amount to up to 40% of share capital. Following this unification, CANTV shares consist of 472,285 Class A stocks and 314,856 Class B shares. The government owns an 86.2% stake in CANTV, with 5.7% held by company workers and 8.1% distributed.

Venezuela, CANTV