Issue of Equity

30 Jan 2006 07:00

Steppe Cement Limited30 January 2006 Steppe Cement LtdUS$21 million Share Placing Completed Steppe Cement Ltd ("the Company") is pleased to announce it has placed 14million new shares at an issue price of US$1.50 each, raising a total of US$21million. The proceeds will be used to fund the equity component of the cost of expandingthe Company's cement production capacity, which was announced during December2005. The placing was made primarily to institutional investors through the Company'sbroker, Westhouse Securities LLP ("Westhouse"). The placing is subject to theplacing agreement between the Company and Westhouse becoming unconditional andnot being terminated prior to the issue of the shares. Dealing in the placement shares is expected to commence on 3 February 2006 andsubsequent to the issue of the placing shares the Company will have a total of114 million shares on issue. This information is provided by RNS The company news service from the London Stock Exchange