Cunalva Inc. (part of Grupo Amanco) executed a successful public tender offer of 23.2% of the outstanding common shares of Pavco S.A. through the Colombian Stock Exchange.

Cunalva Inc. (part of Grupo Amanco) acquired more than 22% of the outstanding common shares of Pavco S.A. for approximately USD 22 million, and as a consequence, Grupo Amanco now controls more than 98% of Pavco. With this acquisition Cunalva completed th required requisites for the de- listing of Pavco from the Colombian Stock Exchange, which took place on January, 2006.

Claudia Barrero