Aktiv Kapital ASA acquires 37.7% holding in Crystal Production ASA

Nordic Business Report, Oct 16, 2003

NORDIC BUSINESS REPORT-16 October 2003-Aktiv Kapital ASA acquires 37.7% holding in Crystal Production ASA(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian financial services group Aktiv Kapital ASA said on Thursday (16 October) that its subsidiary Agenor Okonomi AS had agreed to acquire the troubled offshore production company Crystal Production ASA's debts.

The USD59m debt portfolio is sold by Crystal Production's banks for USD30m.

Agenor Okonomi has also entered into agreements to acquire a total of 751,442 shares in the company for NOK0.25 per share. The transaction will give Agenor Okonomi a 37.7% holding.

In addition Seatankers Management Co Ltd has agreed to cancel its proposed acquisition of Crystal Production's two vessels Crystal Ocean and Crystal Sea, and instead to enter into three-year charter agreements.

The arrangements secure Crystal Production's continued operation.

One US dollar (USD) is worth approximately 0.6 British pounds (GBP).

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