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BANISTER INC. PURCHASES SHARES OF MAJESTIC CONTRACTORS

 TORONTO, Jan. 14 /PRNewswire/ -- BANISTER INC. (AMEX: BAN) and its wholly-owned subsidiary, Banister Pipelines (a division of 2735199 Canada Limited), announced today that shares of Majestic Contractors Limited representing approximately 98 percent of all the outstanding Majestic shares have been tendered into the take-over bid made for such shares. All of the conditions to the bid have now been satisfied and Banister will arrange for Montreal Trust to commence paying shareholders for their tendered shares on Friday, Jan. 15, 1993.
 Mr. Dick Austin, president and chief executive officer of Banister, said that Banister is very pleased with this acquisition and that Banister's pipeline construction capability, both in Canada and internationally, has been significantly enhanced.
 Banister intends to acquire the balance of the outstanding Majestic shares pursuant to the compulsory acquisition provisions of the Ontario Business Corporations Act so that Majestic Contractors will become a wholly-owned subsidiary of 2735199 Canada Limited.
 Banister Inc. is a Canadian based building, civil, industrial, pipeline and utility construction company with operations world-wide.
 -0- 1/14/93
 /CONTACT: E.R. Austin, president and chief executive officer, 416-754-8735; C.N. D'Croix, vice president and chief financial officer/
 (BAN)


CO: Banister Inc., Majestic Contractors Limited ST: Toronto IN: CST SU: TNM

LD -- NY091 -- 5154 01/14/93 21:07 EST
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Publication:PR Newswire
Date:Jan 14, 1993
Words:212
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