TELEFONICA PLANS TO INVEST USD3.8 BILLION IN BRAZIL IN 1999.

Juan Villalonga, Chairman of the Spanish telecommunications company Telefonica, which has been active in Brazil since the privatisation of the national operator Telebras, announced plans on November 27 to invest 3.8 billion dollars over 1999 in developing its network in the country. Telefonica has already invested more that USD5 billion in acquiring control of three strategic Telebras holdings, on their privatisation in July. The Spanish operator acquired a majority stake in Telesp, which supplies telephony services to Sao Paulo and, since 1996, has enjoyed control of the Rio Grande do Sul regional operator CRT. Since the...