AS Kalev               Stock Exchange Release               7.12.2005



Transfer of a share in subsidiary



A 50% share in Sõbra Korterid OÜ was transferred by AS Kalev’s 

subsidiary AS Kalev Real Estate Company on 6 December 2005. 

Consequently, AS Kalev will no longer account for the economic 

results of the company in its consolidated financial statements. 

The proceeds from the transaction will be charged to financial income.



The transaction will not have any material or extraordinary effect 

on AS Kalev’s financial results. The transaction does not constitute 

a related party transaction in the meaning of the Tallinn Stock 

Exchange rules.



Sõbra Korterid OÜ’s main field of activity is real estate development 

and management.





Ruth Roht

PR manager

+372 6 077 858