Arcelor Raises Interest in Morocco Steelmaker Sonasid in Association with SNI and Local Partners.LUXEMBOURG & CASABLANCA, Morocco -- On 31 May 2006, Arcelor (ISIN Isin (ĭs`ĭn), capital of an ancient Semitic kingdom of N Babylonia. The city became important after the third dynasty of Ur fell to the Elamites and the Amorites (c.2025 B.C.). The phase from c.2025–c.1763 B.C. :LU0140205948) (Pink Sheets:ARLOF) (Paris:LOR LOR Letter Of Reprimand (military) LoR Lord of the Rings (J.R.R. Tolkien) LOR Learning Object Repository LOR Linux.Org. ), Societe Nationale d'Investissement (SNI (1) (Subscriber Network Interface) The point of interface between the customer's equipment (CPE) and a communications service from a common carrier. (2) (SNA Network I , Morocco) and the other main shareholders of Sonasid (Societe Nationale de Siderurgie) including MAMDA-MCMA, Axa Assurances Maroc, RMA-Watanya, CIMR CIMR Cambridge Institute for Medical Research CIMR Caisse Interprofessionnelle Marocaine de Retraites CIMR Cornell Institute for Medical Research and Attijariwafa bank Attijariwafa Bank is the second largest bank in Morocco. It was established after a merger between Banque Commerciale du Maroc and Wafabank. According to its website, the bank has more than 1.5 million customers[1]]. transferred their interests in Sonasid to an ad hoc For this purpose. Meaning "to this" in Latin, it refers to dealing with special situations as they occur rather than functions that are repeated on a regular basis. See ad hoc query and ad hoc mode. holding company on the basis of a price of MAD 1,350 per Sonasid share. The transactions were pursuant to the strategic partnership for the development of Sonasid agreed on by these companies on March 3, 2006. The holding company now owns 64.86% of Sonasid's equity. Arcelor also subscribed to a reserved capital increase in cash, following which it owns 50% of the holding company, while the remaining 50% is owned by the other main shareholders of Sonasid, including SNI. Roland Junck, Senior Executive Vice President of Arcelor, commented: "The transaction carried out in agreement with our Moroccan partners will provide a basis for the consolidation and continued development of Sonasid's market positions with the benefit of technology transfers and Arcelor's expertise in long carbon steel products. It will also enable Arcelor to strengthen its positions on markets with high growth potential." Hassan Bouhemou, Chairman and Chief Executive of SNI, commented: "This ambitious project will create value for Sonasid and all its shareholders. We are also in discussion with Arcelor concerning possibilities for Sonasid to provide a base for further development in the region." In accordance with Moroccan stock-market regulations, the holding company will make a public tender offer for the purchase of all remaining Sonasid shares. This offer, which remains conditional on the acceptance of market authority Conseil Deontotogique des Valeurs Mobilieres, will be on the same terms as applied to the transfers of Sonasid shares to the holding company by Arcelor and other main shareholders, with the price offered thus MAD 1,350 per share. About Sonasid Sonasid (Societe Nationale de Siderurgie) is the mainstay of Morocco's steel industry, taking the number-one place for long steel products including concrete reinforcement and wire rod a metal rod from which wire is formed by drawing. See also: Wire . Annual production capacity is around 1.4 million metric tons and 2005 sales revenues were close to MAD 4.7 billion or approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 433 million(1). Sonasid is listed on the Casablanca stock exchange The Casablanca Stock Exchange (French: La Bourse de Casablanca) is a small but active stock exchange in Casablanca, Morocco. , with market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. on 30 May 2006 close to MAD 7.3 billion. About Societe Nationale d'Investissement Founded in 1966, SNI (Societe Nationale d'Investissement) is a financial holding company listed on the Casablanca stock exchange. An active participant in the projects creating value for the country, its main equity investments are in ONA (Open Network Architecture) An FCC plan that allows users and competing enhanced service providers (ESPs) equal access to unbundled, basic telephone services. The Open Network Provision (ONP) is the European counterpart. , Lafarge Maroc and Sonasid. It is the main shareholder of ONA, Morocco's leading private financial and industrial group. Consolidated revenues for the year to December 31, 2005 amounted to MAD 1.9 billion or approximately EUR 176 million, and consolidated net result came to MAD 681.5 million or approximately EUR 62 million. About Arcelor Arcelor is the number one steel company in the world with a turnover of 32.6 billion euros in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. The company - number one steel producer in Europe and Latin America - ambitions to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labour relations and social responsibility. For more information visit www.arcelor.com (1) EUR 1 = 10.9085 dirham at 31 December 2005 |
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