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August 21, 1996


By CBR Staff Writer

Telefonica de Espana SA has long been a quoted company listed on the Madrid stock exchange, and although a monopoly, and one over which the government exercises almost total control, it is many years since the state actually held a majority of the shares. Now the government has indicated to the company that it intends to privatize it completely (CI No 2,896), selling off its remaining shareholding next year. According to the new chairman of the company, Juan Villalonga, such privatization is necessary for the company to meet its objective of doubling both its value and the number of shareholders during the next four years. He also revealed that Telefonica is keen to be among the first to offer digital television transmissions and services, adding that the company had proposed a joint project to all the big television channels, public or private, for a project to distribute digital programming by satellite.

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