Andmed seisuga: 24.11.2024 15:10 (GMT+2)
REVAL HOTELLIGRUPI AS
ANNOUNCEMENT
29.11.99
AGREEMENTS CONCLUDED
On Friday, 26.11.1999 the representatives of Reval Hotelligrupi AS
and AS ETK Hotell signed several agreements, which contribute to
Reval Hotelligrupi AS exit from the real estate development
business, and concentration on hotel management. The concluded
agreements should be viewed as a whole rather than separate
transactions. The following transactions will be concluded based on
the aforementioned agreements:
1.Reval Hotelligrupi AS bought from AS ETK Hotell all current and
non-current assets, except buildings located at Narva St. 7c and
Narva St. 9c at price of 27 million EEK. Assets will be transferred
by 30.11.1999; payment will be made within 15 days.
2.Reval Hotelligrupi AS bought from AS ETK Hotell all rights to
trademarks Central, Primavera and Cafe Compass, which are owned by
AS ETK Hotell, at price of 2 million EEK. The aforementioned rights
will be transferred on 30.11.1999; payment will be made within 15
days.
3.ETK bought from Reval Hotelligrupi AS viimasele kuuluvad 20%
shareholding in AS ETK Hotell at price of 12 million EEK. The
ownership right of the shares will be transferred on 30.11.1999;
payment will be made within 15 days.
4.Reval Hotelligrupi AS will rent from AS ETK Hotell hotel
buildings located at Narva St. 7c and Narva St. 9c with total area
of 9,485 m2. Annual rental fee is 8.25 million EEK; term of
agreement ends at 31.12.2010.
The aforementioned transactions do not impact significantly the
financial results of Reval Hotelligrupi AS in year 1999.
Reval Hotelligrupi AS consolidated net sales will increase in year
2000 by 59 million EEK and operating profit by 20 million EEK as a
result of these transactions.
Feliks Mägus
Chairman of the Management Board
Reval Hotelligrupp
Tel. +372 62 74 444