Telefonica SA
6 July 2000
'TELEFONICA, S.A.', in accordance with that stated in Article 82 of the Spanish
Stock Market Law and that set forth in the Circular Letter 14/1998 of the
Spanish Securities Commission of December 28th, 1998, hereby announces the
following:-
SIGNIFICANT EVENT
Telefonica Moviles and Banco Bilbao Vizcaya Argentina have agreed to incorporate
the joint venture - Movilpago Holding - with a 50% stake each one,
aimed at developing and commercialising a payment system based exclusively on
mobil handsets, to be launched in Spain this autumn. The two partners intend
to extend this service to thirty countries over the next two years, therefore
opening the project up to the entrance of other operators and financial entities
throughout the whole world.
The development of the Movilpago system will require the establishing of a
complex company structure, with Movilpago Holding as the Group's leader, at the
same time as the future incorporation of Movilpago Internacional, of a Movilpago
Credit company and domestic Movilpago management companies.
'Telefonica, S.A.' is, as always, at the entire disposal of the Spanish National
Securities Commission to provide any further information that should be
required.
THE NATIONAL SECURITIES COMMISSION
MADRID
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