On  September  15,  the Riga Stock Exchange will hold a public offering

for  cash  of JSC "Latvijas kuģniecība"  (LASCO) 11 515 086 shares. The

offering  represents  5.75% of the company's share capital. The minimum

price  of  a  share  is set by the Latvian Privatisation Agency at 0.34

LVL.



Every  investor may participate in the auction if applying for purchase

of  the  stocks  at licensed banks and brokerage companies - members of

Riga Stock Exchange.



Orders  will  be  accepted at the Riga Stock Exchange from September 9,

2003  till  September  15,  14:00  (local  time).  The  orders shall be

submitted  in  the  procedure  specified  in  the  Riga  Stock Exchange

Enforcement  Note  on  Trading  and  Quotation,  provisions for special

quotation, as well as according to the procedure approved by Management

Board  of  Latvian Privatisation Agency "Regulations for cash offerings

of public shares".



JSC "Latvijas kuģniecība" securities code is LV0000101103. LASCO shares

are listed on the Riga Stock Exchange Official list.



  Special rules for the auction:



 1. Only bids shall be accepted;

 2. Minimum price of a share is set at 0.34 LVL;

 3. Only bids with a specified price shall be accepted;

 4. Orders are not accepted through I-broker service.



Settlement  date for the deals at the auction shall be on September 18,

2003.





  On processing the received data, the stock exchange shall calculate:



 1. Market  price  of  a share, expressed in lats with the precision of

    one santim;

 2. The number of shares allocated to winning bidders.

 3. All  bids where the specified price is above the price fixed at the

    auction are executed in full. All bids where the specified price is

    below the price fixed at the auction are not executed.

 4. The  bids where the specified price is equal the price fixed at the

    auction   may   be   partly   executed  according  to  distribution

    coefficient  Ka.  The  coefficient  is  calculated according to the

    formula:

    Ka=(A-B)/A(%), were:

    A  - the number of securities at the bids where the specified price

    is equal to the price fixed at the auction;

    B - difference between A and the residue of securities at the fixed

    price.



For more information, please contact:

Krista Grintale

Corporate Communications Director

Riga Stock Exchange

Phone: +371 7212431



Riga  Stock  Exchange  is part of HEX Integrated Markets, a division of

OMHEX,  is  northern  Europe's  largest  securities market. Through its

exchange  operations within Stockholmsbörsen, HEX Helsinki, HEX Tallinn

and

HEX  Riga  (Riga  Stock Exchange), it offers investors access to 80% of

the  Nordic  equity  market  and  75%  of the Baltic equity market. HEX

Integrated Markets also operates CSDs in Finland, Estonia and Latvia.