Cyprus cement deal cleared

The Commission for the Protection of Competition (CPC) at its meeting held on 4 September 2008 that after fully re-examining the concentration of operations of Cyprus Cement Public Co Ltd (CCC.CY) and Vassiliko Cement Public Co Ltd (VCW.CY), it declared the approval of the aforementioned acquisition subject to certain terms and commitments undertaken by both companies. Following the approval of the agreement, VCW will proceed with its expansion plan to meet increased cement demand by 2010, with the construction of an advanced clinker production unit at Vassiliko. On the basis of the agreement between the two Companies, VCW will also submit a prospectus for the issuance and listing of an additional number of 18,199,794 shares.