AS PRO KAPITAL

ANNOUNCEMENT

 

SALE OF OÜ NEOTRUST HOLDINGS TO LATVIAN SUBSIDIARY

 

On December 30, 1999, AS Pro Kapital entered into a notarial 

contract with its Latvian subsidiary AS Pro Kapital Latvia for the 

sale of 70% of the shares in OÜ Neotrust, which operates in Latvia, 

at nominal value or EEK 28,000.

 

The contract was concluded due to the rearrangement in the group's 

management structure and the aggregation of real estate development 

projects' management in several countries under the respective 

country's proprietary company of Pro Kapital group.

 

Pro Kapital Latvia will buy the remaining 30% of OÜ Neotrust shares 

from Baltic Investments Ltd. at a nominal value to become the sole 

owner of Neotrust.

 

AS Pro Kapital purchased the 70 % holding in OÜ Neotrust, the 

manager of Riga World Trade Center at nominal value in February 

this year. Riga World Trade Center, the 12,269 square meter 

building located in the center of Riga, is rented out. According to 

the development plan, the building will be reconstructed and a 

40-stories office building in the amount of 90 million dollars will 

be built next to it.

 

 

Andrus Laurits

Managing Director

Pro Kapital 

Tel. +372 614 4920