Sumitomo ends co-operation with Scancem International

Sumitomo ends co-operation with Scancem International Since 1995, Scancem International and the Japanese trading company Sumitomo Corporation have co-operated in developing cement activities in Asia. The two companies established Scancem Asia Pacific Ltd in Singapore, a company engaged in cement trading and other cement activities. On account of the drastic change in cement trading in Asia, due to the economic crisis in Asia, Sumitomo decided to end the co-operation with Scancem International with effect from January 1, 1999. The decision is a part of a restructuring of Sumitomo's overseas cement activities. Scancem International has acquired Sumitomo's shareholding in Scancem Asia Pacific, which will operate as a wholly owned subsidiary. Scancem International has also taken over Sumitomo's shares in Scancem Bangladesh. This company will continue developing cement activities in Bangladesh. It has procured land on the outskirts of the capital Dhaka, where there are firm plans for the construction of a production and distribution facility for cement. Scancem International still views Asia as an interesting area for the expansion of its activities, with emphasis on the operations in Bangladesh. Communications and Public Affairs Tel. +46 40 16 50 00, Fax +46 40 15 91 80 info@hq.scancem.com or ir@hq.scancem.com www.scancem.com ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/01/19990201BIT00330/bit0001.doc http://www.bit.se/bitonline/1999/02/01/19990201BIT00330/bit0002.pdf