Strategic co-operation between Swedish Orient Line and Scan Orient

Strategic co-operation between Swedish Orient Line and Scan Orient Swedish Orient Line (SOL) and Scan Orient Shipping Co Ltd (Scan Orient), a subsidiary of the Greek shipping company , Niver Lines, have agreed to form a joint venture under the name SolNiver Lines which will replace the two partners existing services between Scandinavia / Finland and Mediterranean ports. By this agreement both companies will combine their strength in order to further enhance their profile as longterm strategical partners to the industry. SolNiver will utilize the individual skills of both partners managed from a new office in Gothenburg. Mr. Karl Roesner, presently Line Manager of Niver Lines will be head of the joint venture with Mr. Tommy Jonsson, now Operational Manager in SOL Lines, as deputy. As part of the agreement Scan Orient has been granted an option valid until mid September to subscribe for 10 million new shares of seria B in SOL, corresponding to approx 17% of the capital, at a price of SEK2,-, Per share. If Scan Orient call their option the shares will be issued under the existing authorization for the SOL Board of Directors to issue new shares. The shareholders are expected to gain by the partnership with the scale of economy and efficiency this will create. th Gothenburg and Athens, July 13 2000 For further information please contact: Leonidas Demetriades-Eugenides, Chairman of Niver Lines, +30 1 96 98 112 or Kent Flodberg, Chairman of Swedish Orient Line, + 46 31 64 54 80. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/07/13/20000713BIT00440/bit0001.doc http://www.bit.se/bitonline/2000/07/13/20000713BIT00440/bit0002.pdf