Syndicate to underwrite Kværner issue

Troubled Anglo-Norwegian construction group Kværner announced on Tuesday it had established a syndicate of investors that had agreed to underwrite in full the proposed NOK 1.5 billion rights issue scheduled for January 2002. In a press statement the company said the proposed subscription price for the rights issue was NOK 8 per share, the same as the proposed subscription price in the announced directed issue of NOK 2 billion, due for completion in December 2001. Kværner's board of directors was expected to call an extraordinary general meeting on 19th December to finalise the directed issue and rights issue.