AS KALEV

ANNOUNCEMENT

19.03.99

 

DELAY IN THE INVESTMENT PROJECT TO UKRAINE

 

The Ukrainian investment project of AS Kalev is delayed. Therefore, the 

issue of the inclusion of strategic investor will not be discussed on 

the 19.03.99 general meeting of Zaporozie confectionery’s shareholders 

meeting.

 

In February this year, AS Kalev gave a business plan of the investment 

project for evaluation to the loan syndicate banks. According to the 

banks’ evaluations, the investment climates of both Ukraine and Russia 

are too risky.

 

In cooperation with the Zaporozie confectionery, the Management Board 

of AS Kalev will continue to seek alternative production possibilities 

in Ukraine.

 

 

Tiina Altmets

Information manager

+372 628 3711