SAIT-Stento To Issue 1.2M New Shares

Communications services group SAIT-Stento will issue 1.2 million new shares at a maximum price of 32 euros each to make its stock more liquid and raise money for future acquisitions. SAIT-Stento, recently formed through the merger of Belgian communications services group Sait-RadioHolland and Norwegian telecommunications equipment maker Stento SAS, also said it expects to break even or even post better results in 2000. Revenues for the combined company should rise above year-ago levels on a pro-forma basis, it added. The merger partners posted combined revenues of 396 million euros in 1999. SAIT-Stento will offer to sell 70 percent of the 1.2 million shares to existing shareholders and the remaining 30 to the public. SAIT-Stento reportedly plans to change its name in the next few months. The new company is designed to help companies such as shipping fleets and oil producers, set up internal communications.