|Brazil||ARCHDIOCESE TO FLOAT SHARES ON STOCK EXCHANGE|
The Catholic Church in Brazil plans to list shares on the Rio de Janeiro stock exchange, one of Brazil's leading newspapers has reported.|
The newspaper - the Estado De Sao Paulo - says the Archdiocese plans to launch almost $A1 billion worth of shares on the local stock exchange.
The operation is intended to raise money for a charitable institution run by the archdiocese. Investors will not gain profits but will receive what the Church calls social dividends.
The money will go towards rescuing the Providence Bank, an institution which looks after ex-prisoners, alcoholics and children in need. Investors will in practice be making a donation since the only dividends they receive will be detailed reports on projects run by the Providence Bank.
The president of the Rio stock exchange, Carlos Alberto Reis, is enthusiastic about the idea. He said it would help the capital market to redeem itself from its cruel image.
|5 Sep 00|