Details:

Azel, Gro-Bels to Delay Signing Merger Accord

Tokyo, Sept 19, 2008 (Jiji Press) - Japanese condominium developers Azel Corp. <1872> and Gro-Bels Co. <3528> said Friday that they will delay the signing of their formal merger accord from mid-September to late this month.

In August, the two companies reached basic agreement to merge in January 2009.

The merger ratio is still under discussion, the two companies said.

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