ASA KINDLUSTUS AS

ANNOUNCEMENT

14.06.1999

 

As a commentary to the 10.06.1999 announcement of BNS, according to 

which AS AB Kindlustuse Grupp applies for grace period from the 

Insurance Inspectorate for re-allocation of reserves, we hereby 

announce that the executive management and the owners of the 

insurance company have negotiated with several foreign investors 

about disposal of shareholding in the company. One of the 

preconditions for this transaction is conforming of the company’s 

technical reserves with the requirements of valid laws.

 

One of the negotiation partners is an insurance company owned by an 

international investment firm. Negotiations with this company are 

currently in the stage where the investor has promised to make its 

final offer before the 21.06.99 annual general meeting of ASA 

Kindlustus AS shareholders. 

 

Proceeding from the above, ASA Kindlustus AS applied for grace period 

for re-allocation of reserves.

 

 

 

 

Sergei Netšajev

Chairman of the Management Board