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July 5, 1993

AMERITECH BENEFITS FROM KIWI SALE

By CBR Staff Writer

Chicago-based Ameritech Corp says it will see a one-time after-tax gain of about $62m this quarter from the sale of about 109m shares of Telecom Corp of New Zealand Ltd in a private transaction: the deal is with three affiliates of The Capital Group Inc, a Los Angeles investment management organisation, which is buying the shares on behalf of its clients; the sale represents about 4.6% of Telecom’s outstanding shares, and reduces Ameritech’s ownership to about 30%; it has to be reduced further, to 24.95% by September 12 next year.

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