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Leif Hoegh to buy all shares of partner to be sole HUAL owner

RECORDER REPORT

KARACHI: The world's sixth largest car carrier operator, HUAL, transporting about one million car equivalent units in 1999 has undergone a change in its ownership structure.

The company's current 50/50 co-owners Leif Hoegh & Co. (LHC) and Ugland International Holdings (UIH) have reached an agreement whereby LHC will purchase UIH's shares in HUAL and become the sole shareholder as of March 31, 2000.

The deal is worth almost 400 million dollars, including a cash component of 233 million dollars.

Thor J. Guttormsen, President of LHC, will take over from Karl Hauger as President of HUAL, whilst the latter will be appointed to HUAL's board of directors as full time adviser to the new President.

LHC will continue to develop HUAL's business and organisation based on the existing successful platform and with its necessary support and engagement, an even stronger HUAL will emerge which should be well placed to meet the challenges ahead, especially in an environment of industry consolidation.

General Shipping Agencies, Karachi will continue as HUAL's agents in Pakistan. Their are already representing LHC in Pakistan.