SSL takes control of Russian condom companies

ERJ staff report (DS)

London -- SSL International plc ("SSL") said it intends to increase its stake in Beleggingsmaatschappij Lemore BV ("BLBV") from 15.5% to 50% plus one share by acquiring additional shares from BLBV's majority shareholder Abraca. SSL acquired its initial 15.5% stake in BLBV in May 2008. The cash consideration payable is €70.0 million at completion. In addition, SSL has also given notice to exercise its option to acquire 100% of Gainbridge Investments (Cyprus) Limited ("Gainbridge") from CCD Estate for €20.6 million.

BLBV is a holding company for operating companies primarily engaged in the packaging and distributing of condoms and medical products across theCommonwealth of Independent States (“CIS”) with the exception of the Ukraine. SSL said BLBV is the market leader in this steadily growing condom marketand its key condom brand is Contex.

Gainbridge is a holding company for operating companies primarily engaged in the packaging and distributing of condoms and medical products in the Ukraine.