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SCANA SIGNS LETTER OF INTENT TO SELLSCANA DEVELOPMENT TO LIBERTY CORPORATION

 COLUMBIA, S.C., Dec. 7 /PRNewswire/ -- SCANA Corporation (NYSE: SCG) announced today that it has signed a Letter of Intent to sell substantially all of the real estate assets of its wholly-owned subsidiary, SCANA Development Corporation, to Liberty Corporation (NYSE: LC) of Greenville, S.C. The $91.5 million transaction is expected to close March 31, 1994, and is not expected to have a significant impact on reported results of operations.
 SCANA Chairman and CEO Lawrence M. Gressette Jr. said: "SCANA's strategic direction is focused on energy-related businesses. While our real estate operations have been growing successfully, the long-term objective has been to position that subsidiary so that exiting the real estate business would be a viable option. This agreement with Liberty Corporation presented a unique opportunity to achieve that long-range objective much sooner than expected."
 SCANA Corporation, headquartered in Columbia, S.C., is an energy- based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses.
 -0- 12/7/93
 /CONTACT: H. John Winn, manager of Investor Relations & Shareholder Services, of SCANA Corporation, 803-748-3240/
 (SCG LC)


CO: SCANA Corporation; SCANA Development; Liberty Corporation ST: South Carolina IN: UTI SU: RLE

CM -- CH007 -- 1399 12/07/93 15:43 EST
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Publication:PR Newswire
Date:Dec 7, 1993
Words:207
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