OUTROS DESTAQUES
Finance
Globo Cabo changes name to Net
sexta-feira, 03 de maio de 2002 , 17h20 | POR REDAÇÃO

Globo Cabo held an extraordinary shareholder meeting Thursday, May 2, to approve a capital increase and all the related procedures. The company surprised observers by announcing that its name will change to Net Serviços de Comunicação, taking advantage of the fact that the Net brand name is already well known throughout Brazil. There?s a problem, however: many of Net Brasil?s franchisees, such as Net Vitória and Net Salvador, use the name but are entirely separate from Globo Cabo in terms of equity ownership. The meeting approved a larger issue of new shares than required for the capital increase of 1 billion reals already announced. The idea is to provide a financial safety cushion and transparency for swifter additional capital increases in future. Shares were grouped into blocks of ten and the articles of incorporation were amended in preparation for registration with the São Paulo Stock Exchange under corporate governance level 2. Net will be the first Brazilian company to achieve this level. The shareholders authorized management to retain one or more financial institutions to arrange the public offering of new shares.

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