VOL. XXXIV

NO.16

21-JANUARY-1991

Financial and Banking News

Asset Sales

KIO Ercros Sells its Refining Company for $461mn

Ercros, Spain's biggest chemical producer, in which the Kuwait InvestmentOffice (KIO) has a dominant stake, has sold its petrochemical division, Ertoil,to a Luxembourg- based investment company, General Mediterranean Holding (GMH).KIO's principal Spanish subsidiary, Grupo Torras, holds 38% of Ercros, which wasformed in 1988 through the merger of two Spanish chemical companies,...