AS ESTIKO

ANNOUNCEMENT

08.06.99

 

DISPOSAL OF SHAREHOLDING IN EESTI SPAR AS

 

According to the 25.05.1999 decision of the Supervisory Board of AS 

Estiko (minutes, article 3), AS Estiko disposed its shareholding in 

Eesti Spar AS (51% of total shares of the company). The main fields 

of activity of Eesti Spar AS are retail and wholesales.

 

As of 31.12.1998, the relative importance of Eesti Spar AS on the 

balance sheet of AS Estiko amounted to 3355 thousand EEK, which 

accounts for 4.6% of AS Estiko owners’ equity. Disposal of 

shareholding in Eesti Spar AS is in accordance with the strategic 

development plans of AS Estiko, which anticipate concentration on the 

production activities.

 

The members of the Supervisory and Management Boards of AS Estiko 

cannot be considered personally interested parties in this 

transaction.

 

The 1999 profit forecast of AS Estiko does not include the results of 

the commercial sector.

 

 

Mart Raik

Chairman of the Management Board

AS Estiko 

Tel +372 747I 808