ASA KINDLUSTUS AS

ANNOUNCEMENT

24.11.98

 

 

MAJOR SHAREHOLDERS OF ASA KINDLUSTUS AND AB ELUKINDLUSTUS MADE 

A CONTRACT TO SELL THE SHARES

 

Yesterday night, the major shareholders of ASA Kindlustus AS 

and AB Elukindlustuse AS made a contract with the British 

investment company First Western Limited, which determines the 

sale of the Estonian insurance companies’ shares to the British 

company’s client -- an international investment company listed on 

the London Stock Exchange’s free market.

 

Since the shares will be purchased by a company listed on the London 

Stock Exchange's free market which has the obligation to tender

the information to the London Stock Exchange, the parties have agreed 

to disclose the investor's name and other data concerning the 

transaction on the second week of December, when in accordance with 

the contract, the sales transaction takes place in London and the 

shares will change the owner. The attorney-at-law Leon Glikman 

represents the major shareholders of ASA Kindlustus and AB 

Elukindlustus in the questions concerning the conclusion of the contrct.

 

According to the agreement, the investor listed in London should 

increase the share capital of both Estonian insurance companies via the 

issuance of new shares. In order to approve the plans, it is planned to 

convene both ASA Kindlustus' and AB Elukindlustus' extraordinary 

shareholders' meetings at the end of December.

 

The basis for the negotiations ended yesterday night was the action 

strategy of the affiliated group's managing company AB Kindlustuse 

Grupp to include such international partner whose field of activity, 

financial standing and good reputation would help to capitalize the 

insurance companies of AB Kindlustuse Grupp by acquiring funds from 

the international stock exchanges.

 

AB Kindlustuse Grupp owns shares in the following companies:

ASA Kindlustus AS (50,6% of the shares), AB Elukindlustuse AS (60,4%), 

claims handling company Quex (60%) and development company AB 

Intech (70%)

 

 

Nadja Tarmak

AB Kindlustuse Grupp

Manager of Finacial Division

Tel. +372 644 0542