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SALIDA Holding AG signs declaration of intent for Cuba investment
Bonn (ots) - SALIDA Holding AG, Bonn, is pleased to announce the signing of a declaration of intent for the first investment targeted specifically at Cuba.
The declaration of intent relates to the acquisition of a holding in the Hamburg-based Ecomed GmbH, which together with UNION VIDRIERA CARIBE, Havana (responsible to the Cuban Ministry for Basic-Materials Industries), has set up VITEM S.A., a joint-venture for the production of microscope slides for the medical-technology sector.
In addition to SALIDA Holding AG, the DEG (Deutsche Entwicklungsgesellschaft or German development company at www.deginvest.de) has promised to co-fund the project. This is the first time a German state-owned company has decided to invest in Cuba. Therefore, observers can assume that the political risk is also regarded as acceptable in German government quarters. According to CEO Andreas M. Bach, the company views this first holding as the basis for further strategic moves SALIDA Holding AG intends to take. He pointed out that it was particularly pleasing the company had found a strong partner in DEG. Other German corporations would be keen to follow this pioneering move.
SALIDA Holding AG will be buying out shares in Ecomed GmbH and pledging additional financial support for corresponding VITEM S.A. projects. SALIDA Holding AG was established in November 2000 in Bonn by a consortium of capital-market specialists, including experts on Cuba, lawyers and financial auditors. The aim is to invest or acquire holdings in tourism, real estate, services, manufacturing, industry, mineral-resources prospecting as well as the agricultural sector. CubaCon Wirtschaftsberatung, Berlin (www.cubacon.de) is responsible for managing the project. Shares with the code number WKN -628855- may be acquired at an issue price of EUR 4.00 until 31 December 2001. The volume of issues amounts to 5m shares. The authorized prospectus for the issue has been deposited with the Bundesaufsichtsamt für den Wertpapierhandel (the German regulator for securities trading).
ots Original Text Service: SALIDA Holding AG Internet: www.newsaktuell.ch
Media relations officer: Axel Volkmer Investor Relations SALIDA Holding AG, Bonn