Vassiliko says merger with CCC proceeding on schedule

Vassiliko Cement Works Pcl (VCW) said that the procedures leading to a full merger with the Cyprus Cement Company (CCC) are proceeding on schedule following the approval by the Commission for the Protection of Competition (CPC) on 27 July 2007.

As a result, both Companies have already made important steps towards the implementation of the EUR 125 mln worth investment, which relates to the new modern production line, the joint application regarding the rights of carbon dioxide emissions, as well as for the integration of administrative, software and other systems.

The Company’s BoD will convene on 13 November 2007 to arrange for an EGM, which will propose the increase of VCW’s authorized share capital and the issue of new shares to the shareholders of the Cyprus Cement Company Pcl (CCC).