August 1, 2001 – Santiago, Chile. Quiñenco S.A. (LQ:NYSE) announced that its subsidiary Inversiones Hidrosur S.A. has sold 9,460,948 shares of its interest in Empresa Nacional de Telecomunicaciones S.A. (“ENTEL”) for Ch$4,800 per share, or a total of US$67.9 million.
As a result of this transaction, Quiñenco S.A. will recognize a gross profit of approximately Ch$28,000 million, or US $41.9 million, during the current fiscal year.
Translations to US$ were done only for the convenience of the reader with an exchange rate of Ch$ 668.79 per US$ corresponding to the “Observed exchange rate published by the Chilean Central Bank on August 1, 2001.”