Contact Information: For further information, please contact: S&B Industrial Minerals S.A. Ms. Rena Koumantou Director, Corporate Social Responsibility & Communication or Ms. Myrto Kontaxi Communication Officer, S&B Industrial Minerals S.A. Tel: (+30) 210 6296293 Fax: (+30) 210 6296074 Capital Link, Inc. - New York Mr. Nicolas Bornozis President Tel: +1 212 6617566 Fax: +1 212 6617526 E-mail: nbornozis@capitallink.com
S&B Industrial Minerals Completes ERGOTRAK Sale
| Source: S & B Industrial Minerals
ATHENS, GREECE--(Marketwire - July 23, 2008) - S&B Industrial Minerals S.A. (S&B) (ATHENS : ARBA ) announces that today, 23 July 2008, the sale of its 100% shareholding
in the subsidiary ERGOTRAK to SFAKIANAKIS S.A. was completed.
The completion of the sale's agreement was concluded following all
necessary approvals by the pertinent regulatory authorities and the issue
of Decision 406/V/26.6.2008 by the Greek Antitrust Commission. The sale
price at euro 7.5 million was paid in cash by the purchasing company. By
joining the SFAKIANAKIS Group, ERGOTRAK will become a member of a fast
developing Group of companies with similar activities and will, thus, be
able to pursue its ambitious growth strategy of the recent years even more
effectively.
For S&B, the sale of ERGOTRAK completes its disengagement from trading
activities not related to Industrial Minerals, a process which started with
the carve-out of the Company's participation in MOTODYNAMICS S.A. directly
to the S&B shareholders at the beginning of the year; it also fulfills its
strategic choice to focus on natural resources and to further develop its
Industrial Minerals activities. Moreover, the sale proceeds will enhance
S&B's available cash flows and its lending capacity for implementing its
investment plans.