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COMPANIA VALENCIANA DE CEMENTOS PORTLAND, S.A. SHAREHOLDERS ELECT NEW BOARD OF DIRECTORS; LORENZO H. ZAMBRANO NAMED PRESIDENT OF THE BOARD

COMPANIA VALENCIANA DE CEMENTOS PORTLAND, S.A. SHAREHOLDERS ELECT NEW BOARD OF DIRECTORS; LORENZO H. ZAMBRANO NAMED PRESIDENT OF THE BOARD
 VALENCIA, Spain, Sept. 8 /PRNewswire/ -- Compania Valenciana de Cementos Portland, S.A. (Valenciana) held its first General Stockholders' Meeting since being acquired by the Mexican Group, Cemex, S.A., on Sept. 4, 1992. At this special meeting, a new board of directors was elected, Lorenzo H. Zambrano was named president of the board, and Jose Domene Zambrano was appointed vice president of the board and board delegate responsible for all Spanish operations.
 The general stockholders' also elected the other members of the board which included: Marcelo Zambrano Hellion, Marcelo Zambrano Lozano, Gustavo Cabellero, Jose Serratosa Ridaura, and Emilio Serratosa Ridaura.
 Marcelo Zambrano Hellion, Lorenzo H. Zambrano, and Jose Domene Zambrano are chairman of the board of directors, chief executive officer, and international director, respectively, of Cemex, S.A.
 In addition, the new board of directors appointed Peat Marwick as Valenciana's auditors. Peat Marwick also oversees the accounts of the Cemex Group worldwide.
 Following the general stockholders' meeting, the new board of directors held its first meeting.
 After these meetings, Lorenzo H. Zambrano, the new president of the board of Valenciana, said: "I am pleased that we have reached the formal conclusion of Cemex's acquisition of Valenciana which represents the most important foreign investment in Spain this year and the largest offering of the Spanish Stock Exchange.
 "The acquisition and the offering in progress to obtain control of La Auxiliar de la Construccion (SANSON) represents a clear demonstration of Cemex's commitment to remain in the Spanish cement market, one of the most important in the world, in which we will have a 28 percent market share.
 "Our entry into the Spanish cement market through these transactions satisfies all Spanish legal requirements. We are voluntarily complying with the law which protects against unfair competition and which affects all companies having a share in the Spanish market greater than 25 percent. We believe that the Spanish government body in charge of the routine review of these transactions will not object to our market participation in excess of 25 percent."
 Cemex, S.A., headquartered in Monterrey, Mexico, is the fourth largest cement producer in the world, the largest in North America, and the leader in the Mexican cement market with a 63 percent market share and total installed capacity in the country of 23.9 million metric tons. The company is a major participant in the housing industry as well as the infrastructure development in the rapidly growing Mexican economy. Cemex shares are listed on the Mexican Stock Exchange (CEMEX) and Cemex's ADRs are traded over-the-counter (CMXBY).
 -0- 9/8/92
 /CONTACT: financial, Humberto Moreira of Cemex, 011-52-83-45-2000, ext. 1480, or media, Luis Martinez of Cemex, 011-52-83-45-2000, ext. 1051, or Brian James of Burson-Marsteller, 212-614-5091, for Cemex/
 (CMXBY) CO: Cemex, S.A.; Compania Valenciana de Cementos Portland, S.A. ST: IN: CST SU: PER


KD-OS -- NY016 -- 6909 09/08/92 10:15 EDT
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Publication:PR Newswire
Date:Sep 8, 1992
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