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SOCIEDAD COMMERCIAL DEL PLATA S.A. RAISES $77.2 MILLION IN ARGENTINA'S FIRST FULLY UNDERWRITTEN RIGHTS OFFERING

 BUENOS AIRES, Argentina, Aug. 12 /PRNewswire/ -- Sociedad Commercial del Plata S.A., (SCP) one of Argentina's leading holding companies and a major participant in Argentina's privatization program, today settled an offering of $77.2 million of ordinary shares by way of rights.
 The underwritten rights issue was fully subscribed by domestic and international investors and was priced at $39.50 ($3.95 quotation value) per share.
 SCP's principal shareholder, Solfina Sociedad Anonima de Inversiones y Finanzas S.A., subscribed for $15 million of the issue. The remaining $24.3 million of Solfina's rights entitlement was acquired by the underwriters and placed at a price of $42.50 per share with international investors. They were given the option of accepting delivery of shares in either bearer or ADS form, except in the United States where the offering was structured as a Rule 144A private placement in ADS form only. The ADSs each represent one ordinary share of 10 pesos nominal value.
 London-based Smith New Court Securities Limited and N M Rothschild & Sons Limited were global managers of the issue and led an underwriting syndicate which included Swiss Bank Corporation, Banco de Galicia y Buenos Aires, and Boston Investment Group. Selling group members included Credit Lyonnais, Banque Paribas, Nomura International, and Salomon Brothers (International). Smith New Court, Carl Marks Inc. was the placement agent in the United States.
 Pedro D.H. Sebess, SCP's managing director, said "I am delighted with the enthusiastic response to the rights offering and international placement by existing and new shareholders," and noted that "the structure of the transaction, which was Argentina's first fully underwritten rights offering, enabled a number of leading international investment institutions to join SCP's shareholder rolls." Mr. Sebess also expressed thanks to existing shareholders for their "overwhelming vote of confidence in SCP."
 SCP will apply the proceeds of the issue to reduce short-term debt incurred in connection with its recent investments in privatized public services.
 -0- 8/12/93
 /CONTACT: Greg Rider or Barry Lepley of Smith New Court, 212-930-6009 or 212-930-6014, or Pedro Sebess of Sociedad Commercial del Plata S.A., 011-541-313-7720, or Peter Cullum of Donley Communications, 212-751-6126/


CO: Sociedad Commercial del Plata S.A. ST: IN: SU: OFR

CK -- NY018 -- 2039 08/12/93 10:05 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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