Votorantim Celulose e Papel S.A. Announces New Stock Buyback Program
13 Maio 2004 - 11:03PM
PR Newswire (US)
Votorantim Celulose e Papel S.A. Announces New Stock Buyback
Program SAO PAULO, Brazil, May 13 /PRNewswire-FirstCall/ --
Votorantim Celulose e Papel S.A. (VCP) (NYSE: VCP; BOVESPA: VCPA4),
one of the largest pulp and paper producers in Latin America, today
announced that its Board of Directors has authorized a buyback
program of shares issued by the Company under the following
conditions: Objective of the buyback program Open market repurchase
of VCP preferred shares, to be held in treasury and sold and/or
cancelled at a future date; Volume of shares to be acquired Up to
1,716,000 1,000-share blocks of preferred shares, representing an
amount below the legal limit (10% of the total outstanding shares)
when considering shares currently held in Treasury; Criteria for
the acquisition Based on the Company's current share price on the
Stock Exchanges in which it is listed and the Company's available
funds; Buyback term Up to 365 days from May 13, 2004; Total
outstanding preferred shares 17,180,629 1,000-share blocks of
preferred shares, according to CVM Instruction nr. 10/80; Total
treasury shares Currently the company holds 1,580 1,000-share
blocks of preferred shares, acquired in previous buyback programs.
Intermediary financial institutions Itau Corretora de Valores S.A.
and Unibanco Corretora de Valores Mobiliarios S.A. Votorantim
Celulose e Papel S.A. - VCP is one of the largest producers of pulp
and paper in Brazil in terms of net revenues and total assets, and
the leader among Brazilian producers of printing, writing and
special papers. VCP is an integrated company that uses appropriate
technology for each of its processes, which assures greater
efficiency throughout the production cycle. VCP sells its products
on both the domestic and overseas markets, exporting to over 55
countries on five continents. DATASOURCE: Votorantim Celulose e
Papel S.A. CONTACT: Valdir Roque, CFO and IR Director, or Alfredo
Villares, Investor Relations Manager, both of Votorantim Celulose e
Papel S.A., Ph: +5511-3269-4168,4287,4261, Fax: +5511-3269-4066, or
Web site: http://www.vcp.com.br/
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