NORD EST PLANS 400 MLN FRANC BOND ISSUE
Financial and industrial holding company
Nord Est plans to make a convertible bond issue for a total of
400 mln francs, President Gustave Rambaud said.
    He told a news conference Nord-Est expected to receive
approval from the Bourse supervisory body COB in the next two
week, when terms would set according to market conditions.
    He said the issue was meant to boost capital ahead of new
investments.
    Rambaud said the company would pay a 1986 dividend of 5.25
francs, unchanged on 1985. Parent company net profit last year
rose to 99.5 mln francs against 71.1 mln in 1985.
    Provisional consolidated profits were lower at 185 mln
francs compared with 200 mln in 1985, of which 120 mln, against
147 mln, was attributable to the group. He said the lower
profit was mainly due to losses made by steel-tube maker
Vallourec, in which Nord Est has a 12.5 pct stake.
    Rambaud said he forecast a 1987 parent company net profit
before provisions of around 135 mln francs.
 REUTER
