Exhibit 99


UNIVERSAL CORPORATION                               NEWS
P.O. Box 25099                                      Phone:      (804)359-9311
Richmond, VA 23260                                  Fax:        (804)254-3584


Contact:                                            Release:
                                                    Immediate
     KAREN M.L. WHELAN                                    
     Phone:       (804)359-9311                           
     Fax:         (804)254-3594



       UNIVERSAL AND SOCOTAB COMPLETE ORIENTAL LEAF TOBACCO PARTNERSHIP

RICHMOND, VA and NEW YORK, May 28, 1998 / PRNEWSWIRE

Henry H. Harrell, Chairman and Chief Executive Officer of Universal Corporation,
Richmond,  Virginia and Harold S. Wertheimer,  President of Socotab Leaf Tobacco
Company,  Inc., New York, New York today  announced that they have completed the
formation of a partnership combining their oriental leaf tobacco businesses. The
new company,  Socotab,  L.L.C,  (Socotab) is the leading  oriental  leaf tobacco
merchant in the world.

Oriental tobacco is an integral component of American blend cigarettes,  and the
new company has  enhanced  capabilities  to serve the growing  world  demand for
oriental leaf.

Socotab's Board of Directors has  representation  from each of the two partners.
Harold S.  Wertheimer  is the  Chairman and Chief  Executive  Officer of the new
company,  and  Jonathan  R.  Wertheimer  is  President.  The  company,  which is
headquartered  in  Geneva,  Switzerland  has  operations  in  Turkey,  Bulgaria,
Macedonia and Greece, the major sources of oriental style tobacco.

Universal  Corporation is a diversified company with operations in leaf tobacco,
lumber,  and agri-products.  Prior to the formation of the partnership,  Socotab
Leaf Tobacco  Company,  Inc.,  founded in 1923,  was one of the world's  leading
oriental leaf tobacco merchants.