GOTHENBURG, Sweden, Sept. 9, 2003 (PRIMEZONE) -- Bure (Other OTC:BRVVF)has sold its entire shareholding in Teleca which comprises 9,332,800 shares, equivalent to 15.8 per cent of capital and 14.4 per cent of votes. Buyers are institutional investors inside and outside Sweden. As a result of the sale, Bure strengthens its liquidity and reduces its net debt by approximately SEK 220M. The sale generates an exit gain of more than SEK 50M. The amounts relate to the situation after the remaining undertakings and financing matters linked to Bure's original acquisition of Teleca have been settled.
"The sale is in line with our recently adopted action plan. This is to concentrate operations on our existing portfolio of unlisted companies. An agreement has been made with Telecas principal owner, Danir, to bring the original date for the sales process forward. In our opinion, the sale has been made at a price level that is favourable for Bure and it further strengthens Bure's financial position," said Bure's President Lennart Svantesson.
Bure Equity AB (publ)
For further information, please contact:
Lennart Svantesson, President +46 31-708 64 20,
+46 733-11 00 11
Borje Bengtsson, Senior Investment Manager +46 708-28 49 87
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2003/09/09/20030909BIT00170/wkr0001.doc
http://www.waymaker.net/bitonline/2003/09/09/20030909BIT00170/wkr0002.pdf