State-owned telephone company of Venezuela begins offer of shares in the local stock market

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Venezuela’s state-owned telephone company, Cantv, began offering its shares on the local stock market on Thursday, according to the placement notice, which will be part of the government’s turn to open public companies to seek income.

Last week, the vice president, Delcy Rodríguez, said that up to 5% of the shares held by the State of Cantv would be offered in the stock market in four rounds aimed at workers, retirees and national and foreign investors.

The receipt of the purchase orders for the shares of Cantv, nationalized in 2007, will end on October 18, according to the share offer document. The company’s share price is equal to 0.40 cents on the dollar.

In the local market, 3.5% of the shares of Cantv are traded, which correspond to the workers and some minority shareholders and which were not acquired by the State at the time of the company’s nationalization.

In the prospectus of the share offer, Cantv, which for years had not presented its financial information, detailed its results and at the end of June it had income from operations equivalent to 108 million dollars, due to the adjustments of the rates for the service. That amount exceeds the income received in all of 2021, which was about 103 million dollars.

The company’s accounts receivable, which includes government entities, were equivalent to 103 million dollars at the end of the first semester and this is due to the increase in billing after the adjustment of rates, according to the prospectus. In 2021 those accounts were worth $94 million.

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