NORDBANKEN POSTPONES PLANNED AUCTION OF FERMENTA SHARES
Sweden's Nordbanken banking group

said it would postpone indefinitely its planned auction on
Monday of 4.2 mln B free shares deposited as loan collateral by
Fermenta's <FRMS ST> founder and former chief executive Reefat
el-Sayed.
    A statement cited Fermenta's financial position as the main
reason for delay. The company's 1986 deficit had earlier been
estimated at 136 mln crowns, but that was revised at an
extraordinary shareholders meeting last Monday to half a
billion crowns. The company said at the meeting a planned new
share issue would not be launched but that another, estimated
to raise 580 mln crowns, was scheduled for April.
    Nordbanken said the auction was the natural result of a
debtor's inability to repay an overdue loan. Although it
expected to buy the shares back itself, it did not exclude
accepting a suitable bid for them.
    Nordbanken loaned 200 mln crowns to Reefat el-Sayed
privately and is Fermenta's largest creditor with loans of l55
mln crowns.
    It was one of the four Swedish banks which last month
agreed to advance Fermenta 110 mln crowns to solve its
immediate liquidity problems.
 REUTER
