sia Abrasives Holding AG Open 11,3 % Above Offering Price

The shares of sia-Group, a company specialised in the development, production and distribution of complete sanding systems, were traded for the first time today on the SWX Swiss Exchange. The offering price was set Monday night at CHF 195.00 The opening price in SWX dealings stood 11,3 % above that level at CHF 217.00, representing a total market capitalisation for the company of CHF 162.75 mio. According to the offering prospectus, of the 750,000 registered shares shown in the Commercial Register, up to 562,500 were to be offered to the public, an amount corresponding to 75 % of the company's outstanding shares. Of that number, 94,000 shares were part of a capital increase associated with the IPO, while 395,130 came from the holdings of previous shareholders. The over-allotment option (green shoe) covers 73,370 shares, an amount which is already included in the 562,500 share total. The sia-Group employs more than 860 workers and markets its products via ten Group-owned subsidiaries and more than 80 distributorships around the globe. The company's key market is Europe, which contributes 66 % of total revenues (excluding Switzerland). Roughly 11 % of total revenues are earned in Switzerland. In 1998, the Group registered sales of CHF 182.9 million and a profit of CHF 14.8 million.