AS OPTIVA PANK

ANNOUNCEMENT

17.02.99 

 

OPTIVA PANK ORGANIZES THE GROUP STRUCTURE

 

Due to restructuring of Optiva Pank Group, AS Optiva Pank has 

alienated its shareholdings in five subsidiaries in full amount. 

The purpose of restructuring of the group is to eliminate the 

assets unnecessary for development of the group, and make the 

structure of the group more transparent. None of the alienated 

subsidiaries held significant economic activities, and also the 

sale of none of the above subsidiaries can be considered 

significant according to the requirements for issuers determined 

in the Rules and Regulations of the Tallinn Stock Exchange.

 

The subsidiaries alienated by AS Optiva Pank:

 

name				field of activity	share capital

 

1) AS Laforte			investment activities 	  101 000 EEK

2) AS Raeraha			leasing activities	  500 000 EEK

3) AS Vendor Kapital 

Trading PHT  			securities intermediary 1 000 000 EEK

4) AS Foreks Konsultatsioonid	auditor activities	  101 000 EEK

5) AS Foreksi Kinnisvara	real estate development   100 000 EEK

 

All the above subsidiaries were 100% owned by AS Optiva Pank. 

 

The sale of shareholdings in the above-mentioned subsidiaries 

does not influence significantly the activities of AS Optiva 

Pank. The sale of the above companies cannot be treated as 

transaction with related persons in the interpretation of the 

requirements for issuers determined in the Rules and Regulations 

of the Tallinn Stock Exchange. We hereby confirm that none of the 

members of the Supervisory Board or Management Board of AS Optiva 

Pank do not hold personal interests in the alienation 

transactions of subsidiaries.

 

 

Kalle Norberg

Director of financial markets, Chairman of the Management Board

AS Optiva Pank

Tel. +372 630 2101