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Technology Stocks : Solucorp Industries (SLUP - OTCBB)

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Mar 7 3:00 PM EST

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To: hawkeye who wrote (2792)	10/23/1999 10:56:00 AM
From: hawkeye	Read Replies (1) of 3679

(MORE ON STORY IN PRIOR POST) [Source is here] Top cement maker buys Puttalam "Holderbank", a Swiss based company, one of the world's largest cement manufacturers has purchased the controversial Puttalam Cement Co. Ltd. (PCCL). Transactions with regard to the transferring of 80% of shares to Holderbank have to be finalised by Friday, thereby compelling the Thawakkals to sell theirs as well, trade sources said. PCCL was privatised in late 1993 under the then government's privatization programme in which a 90 per cent stake was sold to the Thawakkal group of Pakistan for a purchase consideration of US $41.1 million (over Rs. 2000bn). A majority of the shares were then placed among several foreign investment funds. Subsequent to a bitter court battle in which allegations of corruption and mismanagement were levelled against the Thawakkals, they were ousted from the Board of the PCCL following an extraordinary general meeting held in mid February, this year. The latest purchaser of the PCCL who owns 70 manufacturing plants worldwide, produces one fifth of the world's cement requirements. "Holderbank" was the second highest bidder when the Puttalam Cement Co. Ltd. was originally offered for sale. --------------------------------------------------------------------------------

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