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Posted February 03, 2011 by publisher in Cuba-World Trade

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Rob Sequin | Havana Journal

The Gaceta Oficial in Cuba has published the details of the purchase of Telecom Italia’s ETECSA shares.

You can read the official announcement in pdf format in Spanish or our loosely interpreted version below.

The Executive Committee of the Council of Ministers making use of its powers under the Act, adopted following:

WHEREAS, By Resolution No. 2728, the Executive Committee of the Council of Ministers on December 29 1993, authorized the establishment of Joint Venture to be named Empresa de Telecomunicaciones de Cuba SA (ETECSA) which was registered in Book 1189, Folio 91, Page 16738, registry Central Trade, by the Ministry of Justice, Republic of Cuba.

WHEREAS: After successive modifications the said Agreement, made by the Agreements No. 2847, 3110 and 4996, all Executive Committee Council of Ministers on June 24, 1994, February 10, 1997 and December 16, 2003, respectively, the shareholding of ETECSA, was the follows:

Telefónica Antillana, S.A. 51.006%

Universal Trade & Management Corporation, S.A. 11.086%

Telecom Italia International N.V. 27.003%

Banco Finan-ciero Internacional, S.A. 6.157%

Banco Internacional de Comercio, S.A. 0.923%

Negocios en Telecomunicacio-nes S.A. 3.825%

WHEREAS: The Minister of Foreign Trade and Foreign investment, after fulfilling the legal formalities, has requested this change to be authorized Telecom Italia International NV, ETECSA, the Sociedad Mercantil RAFIN through the sale of shares, resulting from access to this request.

THEREFORE: The Executive Committee of the Council of Ministers, dated 16 December 2010, adopted following:

AGREEMENT

FIRST: Authorize Sociedad Mercantil RAFIN, incorporated under the laws of the Republic of Cuba to acquire, by purchase, the three thousand two hundred seventy six (3276) shares of Series “B “, which owns Telecom Italia International NV, the Empresa de Telecomunicaciones de Cuba SA, ETECSA.

SECOND: As a result of the sale of ETECSA actions by authorizing this Agreement, the ownership structure of the joint venture will following:

1. ANTILLANA TELEFONICA, SA, holds the title of 6 188 shares of Class “A”, equivalent to 51.006% of the capital.

2. RAFIN, SA, holds the title of 3 276 shares Class “B”, equivalent to 27.003% of the capital.

3. Banco Financiero Internacional, SA, wield the ownership of 747 shares of Class “B” equivalent to 6.157% of the capital.

4. UNIVERSAL TRADE & MANAGEMENT CORPORATION SA, holds the title of 1 345 shares Class “B”, equivalent to 11.086% of the capital.

5. INTERNATIONAL BANK OF COMMERCE SA, wield the ownership of 112 shares of Class “B” equivalent to 0.923% of the capital.

6. BUSINESS COMMUNICATIONS, Inc., holds ownership of 464 shares of Class “B” equivalent to 3.825% of the capital.

THIRD: The Agreement No. 4996, Executive Committee Council of Ministers on December 16, 2003, maintains full force, except in section seven, that is not effective due to the stock distribution detailed in Section Two of this Agreement. This agreement will be published in the Official Gazette of the Republic Cuba, a copy will be sent to the Executive Committee Council of Ministers and to all other relevant parties.

This certificate is issued in the city of Havana on the 16th day of December 2010.

Jose Amado Ricardo Guerra

—————————————- Havana Journal Comments—————————————-

Havana Journal Inc. has developed a Cuba communications website to cover news and business opportunities regarding telecommunications, Internet and cell phones in Cuba.

  1. Follow up post #1 added on March 25, 2011 by Larry

    I don’t understand Cuban economic organizations—what is meant by a “state entity” that is also an “S. A.” like ETECSA or Rafin?

    Do profits go into the general treasury? Do losses come out of the general treasury? Where does investment capital come from? Who is responsible for debts in the case of bankruptcy? Are the managers civil servants? Is there the equivalent of the board of directors that hires managers and sets policy? What is the difference between these organizations and a US corporation or a government department?


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