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Service Corporation International Announces Purchase of Additional Shares in Arbor Memorial Services, Inc.
HOUSTON, March 14 /PRNewswire/ -- Service Corporation International (SCI), the world's largest funeral and cemetery company, announced today that its subsidiary, Service Corporation International (Canada) Limited, has acquired an additional 500,000 Class B Non-Voting Shares of Arbor Memorial Services Inc. (Arbor), based in Toronto, Canada.
The shares purchased through a private transaction, bring SCI's holdings in Arbor Class B Shares to 3,057,075 shares or approximately 38.2 percent of the outstanding Class B Shares. In addition, SCI owns 247,144 Class A Voting Shares or approximately 9.8 percent of the outstanding Class A Shares.
SCI Chairman and Chief Executive Officer, R. L. Waltrip said, "Arbor is a quality organization and major participant in Canada's funeral service industry. This transaction strengthens our position in Arbor as a strategic investment. We may continue to increase our investment in Arbor."
Service Corporation International is the largest funeral and cemetery
organization in the world, with 2,882 funeral service locations, 345
cemeteries and 150 crematoria as of December 31, 1996. SCI provides funeral
and cemetery services in North America, Europe and the Pacific Rim. SCI's
stock is traded on the New York Stock Exchange. The company's ticker symbol