PEX Ubsetf Pex

RNS No 8743u
PEX PLC
20 April 1999


Pex plc ("Pex") and Uniwear S.A. ("Uniwear") are pleased  to
announce  that  they have amended their agreement  dated  19
February 1999 to reflect the sale of 16.97% of Apollo shares
to  the  Danube  Fund ("Danube").  With this sale,  Uniwear,
Danube  and  Pex  own  1/3 each of the  originally  acquired
50.91%.   In  addition,  Danube Fund has  agreed  to  invest
US$500,000 in Apollo S.A.

Uniwear  acquired  a 50.91% shareholding  in  Apollo  on  10
November 1998 from the Romanian State Ownership Fund  for  a
consideration of US$ 300,001.  Pex originally acquired  half
of  these shares from Uniwear for US$ 150,000 on 19 February
1999.

The  ownership of the Danube fund consists of Bankers Trust,
IFC   (International  Financial  Corporation,   Washington),
European  Bank  of Reconstruction and Development  (London),
and  Alpha  Credit Bank, Alpha Finance, Alpha Ventures  (all
part  of  Alpha  Credit Bank Group) as well  as  some  Greek
businesses.

Apollo   manufactures  socks  in  Romania  and   distributes
throughout  Europe.   As at 31 December  1998,  the  audited
management  accounts  of  Apollo  showed  total  assets   of
Romanian Lei 13.09bn. and a net profit for the year 1998  of
Romanian Lei 1.9 million.  The closing exchange rate of  the
National  Bank of Romania on 19 April 1999 is $1 to Romanian
Lei 14,893.  As part of the investment agreement Danube will
be represented on the Board of Apollo.



Enquiries:
Mq  Andrea Cattaneo Della Volta         Tel: 0116 290 3090
Pex plc


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