The Board of Directors of "Holderbank" Financière Glaris Ltd. has passed a resolution to strengthen the company's share capital in connection with the proposed creation of authorized capital. Subject to the approval of today's Annual General Meeting (10 June 1999), 25 of the existing bearer shares will, during the period from 16 to 23 June 1999, entitle the holder to subscribe one new bearer share at CHF 50 par at an issue price of CHF 1350 and 25 existing registered shares will entitle the holder to subscribe one new registered share at CHF 10 par at an issue price of CHF 270. The planned capital increase through the issue of 209,371 bearer and 404,000 registered shares is expected to generate some CHF 390 million in new equity capital for the company. These funds are to be used to finance acquisitions made in 1998 in Latin America and Southern Asia, and will also help to build a solid base for the Group's future growth.
With majority and minority interests in over 60 countries on all continents, "Holderbank" is one of the world's leading suppliers of cement, as well as aggregates (gravel and sand), concrete and construction-related services.