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CORIMON ELECTS PHILIPPE ERARD CHAIRMAN OF THE BOARD APPROVES DIVIDEND, INCREASES AUTHORIZED CAPITAL

 CORIMON ELECTS PHILIPPE ERARD CHAIRMAN OF THE BOARD
 APPROVES DIVIDEND, INCREASES AUTHORIZED CAPITAL
 CARACAS, July 2 /PRNewswire/ -- Corimon C.A., the diversified Venezuelan holding company (ADRs traded on OTC Bulletin Board: CASAY), announced that Philippe Erard was elected chairman of the board of directors at the annual stockholders' meeting held in Caracas on June 29. Erard will continue as Corimon's president and chief executive officer, a post he has held since 1988.
 Erard joined Corimon in 1971 and has held a variety of executive positions with the company. He has been a director since 1974. Erard is also a member of the board of directors of the Neumann Foundation, chairman of the board on the National Council for Investment Promotion (Conapri), and a member of the Advisory Council of the World Economic Forum; he is also a director of the IESA Foundation, Siemens de Venezuela, Seguros Sud-America, and the Universidad Metropolitana Foundation. In addition, he serves as alternate director at Banco Mercantil and Venepal.
 Erard succeeds Hans Neumann, co-founder of Corimon, who relinquished the post of chairman to become chairman emeritus. In this capacity, Neumann will work actively to assure the continuity of Corimon's corporate traditions.
 Stockholders approved the board of directors' report on the operations of Corimon during fiscal year 1991-1992 and voted to increase Corimon's authorized capital to 10 billion bolivars (US$ 152 million). Stockholders also approved a dividend in both cash and shares. The cash dividend totals 401.1 million bolivars (US$ 6 million) or 0.58 bolivars per share, equivalent to 14.5 bolivars (US$ 0.22) per ADR. A stock dividend of 16.67 percent was also declared, corresponding to one new share for every six currently issued and outstanding.
 At he meeting, Erard informed stockholders that Nemesio Torres Masis will retire as senior executive vice president, but will continue as a director. Stockholders re-elected all current directors and also elected Dr. Gustavo Mata Borjas, the new legal counsel for Corimon, as a director.
 Corimon's board of directors now includes: Philippe Erard, Jose Luis Gomez Gomez, Hernan Anzola, Arthur W. Broslat, Francisco Aguerrevere, Daniel Bendahan, Eduardo Borberg, Ramon Illarramendi O., Henrique Machado Zuloaga, Gustavo Mata Borjas, Miguel Neumann, Pedro J. Pick, Ramon Pinango, and Nemesio Torres Masis.
 Corimon: A Diversified Manufacturing Group
 Corimon C.A. is the parent holding company for a diversified manufacturing group whose principal divisions include paint and building materials, chemicals and petrochemicals, food processing, and packaging. Net sales for the fiscal year ended March 31, 1992, were 16.3 billion bolivars (US$ 273.4 million) and net income was 950 million bolivars (US$ 16.0 million).
 -0- 7/2/92
 /CONTACT: Victor Hugo Hernandez of Corimon in Caracas, 58-2-203-5597, or Michael Rust of Burson-Marsteller, 212-614-4673, for Corimon/
 (CASAY) CO: Corimon C.A. ST: IN: CHM CST SU: PER DIV


KD-LR -- NY063 -- 6337 07/02/92 16:47 EDT
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Date:Jul 2, 1992
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