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Shares flotation sold on first day

Umweltkontor's flotation of 25% of the company (2.15 million shares) on the new market section of the Frankfurt exchange on July 5 was several times oversubscribed, the company reports. The shares, valued at i11.8 when issued, immediately doubled to i24. All were sold. Umweltkontor earned a post tax profit of DEM 9 million on turnover of DEM 35 million in 1999. It expects to sell for DEM 126 million this year.

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