|
Prior to September 21, 1998, there was no trading market
for the Common Shares or the preferred shares of the New Holding
Companies.
Following the Breakup and until September 21, 1998, the preferred
shares of each of the New Holding Companies, including the
preferred shares, traded on the Brazilian Stock Exchanges
only as a unit with the preferred shares of Telebrás.
Telebrás ADRs, each representing 1,000 Telebrás
preferred shares and, since the Breakup and until November
16, 1998, each also representing 1,000 preferred shares of
each of the New Holding Companies, have continued to trade
on the NYSE.
On September 21, 1998, common shares and preferred shares
of each New Holding Company, including the preferred shares,
commenced trading separately on the Brazilian Stock Exchanges.
The table below sets forth, for the periods indicated, the
high and low closing sales prices for the preferred shares
of the registrant as reported on the São Paulo Stock
Exchange.
 |
| |
|
Prices per 1,000 preferred
shares of the Registrant
|
| |
|
High
|
|
Low
|
| |
|
(in nominal
reais)
|
| |
|
|
|
|
| September 21, 1998 through
September 30, 1998 |
|
R$ 16.50
|
|
R$ 12.50
|
| October 1, 1998 through
December 31, 1998 |
R$ 22.00
|
R$ 12.00
|
| January 1, 1999 through
December 31, 1999 |
R$ 49.00
|
R$ 12.30
|
| January 1, 2000 through
December 31, 2000 |
R$ 53.00
|
R$ 23.50
|
| |
|
|
| January 1, 1999 through
March 31, 1999 |
R$ 31.10
|
R$ 12.30
|
| April 1, 1999 through
June 30, 1999 |
R$ 30.50
|
R$ 21.50
|
| July 1, 1999 through
September 30, 1999 |
R$ 25.61
|
R$ 18.00
|
| October 1, 1999 through
December 31, 1999 |
R$ 49.00
|
R$ 20.00
|
| January 1, 2000 through
March 31, 2000 |
R$ 53.00
|
R$ 37.30
|
| April 1, 2000 through
June 30, 2000 |
R$ 46.50
|
R$ 30.35
|
| July 1, 2000 through
September 30, 2000 |
R$ 44.50
|
R$ 32.80
|
| October 1, 2000 through
December 31, 2000 |
R$ 34.80
|
R$ 23.50
|
| January 1, 2001 through
January 31, 2001 |
R$ 34.80
|
R$ 28.50
|
| February 1, 2001 through
February 28, 2001 |
R$ 32.93
|
R$ 22.80
|
| March 1, 2001 through
March 31, 2001 |
R$ 27.50
|
R$ 19.10
|
| April 1, 2001 through
April 30, 2001 |
R$ 23.10
|
R$ 18.50
|
| May 1, 2001 through May
31, 2001 |
R$ 21.90
|
R$ 18.40
|
| |
 |
On November 16, 1998, American Depositary Shares representing
preferred shares of each New Holding Company were issued and
commenced trading separately on the NYSE. The ADRs, each representing
1,000 of our preferred shares, were issued to the holders
of Telebrás ADRs pursuant to a deposit agreement among
us, The Bank of New York, as Depositary, and the holders of
the ADRs from time to time. The SEC declared the Registration
Statement effective on March 16, 1999 and the ADRs were traded
on the NYSE under the symbol EMT as of that date pursuant
to Rule 12a-5 of the Rules and Regulations of the Exchange
Act. Rule 12a-5 provides under certain limited circumstances
a temporary exemption from the requirement of Section 12(a)
of the Exchange Act that securities traded on a national securities
exchange (such as the NYSE) be registered under Section 12.
The table below sets forth, for the periods indicated the
high and low closing sales prices for our ADRs, as reported
on the New York Stock Exchange.
|
| |
|
U.S. dollars per ADRs
|
| |
|
High
|
|
Low
|
| November 16, 1998 through
November 30, 1998 |
|
18.44
|
|
15.00
|
| December 1, 1998 through
December 31, 1998 |
16.88
|
12.38
|
| January 1, 1999 through
December 31, 1999 |
27.38
|
9.13
|
| January 1, 2000 through
December 31, 2000 |
31.00
|
11.75
|
| January 1, 1999 through
March 31, 1999 |
17.75
|
9.56
|
| April 1, 1999 through
June 30, 1999 |
18.75
|
12.06
|
| July 1, 1999 through
September 30, 1999 |
14.50
|
9.13
|
| October 1, 1999 through
December 31, 1999 |
27.38
|
10.13
|
| January 1, 2000 through
March 31, 2000 |
31.00
|
19.75
|
| April 1, 2000 through
June 30, 2000 |
26.13
|
16.00
|
| July 1, 2000 through
September 30, 2000 |
24.69
|
17.13
|
| October 1, 2000 through
December 31, 2000 |
18.75
|
11.75
|
| January 1, 2001 through
January 31, 2001 |
17.63
|
14.50
|
| February 1, 2001 through
February 28, 2001 |
16.90
|
11.60
|
| March 1, 2001 through
March 31, 2001 |
13.65
|
8.70
|
| April 1, 2001 through
April 30, 2001 |
10.92
|
8.28
|
| May 1, 2001 through May
31, 2001 |
9.40
|
7.80
|
| |
|
|
|
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