ASA KINDLUSTUS

ANNOUNCEMENT

21.05.99

 

INVESTMENT OF INSURANCE RESERVES

 

ASA Kindlustus has invested 18% of its insurance reserves (8.8 million 

EEK) into mortgage bonds of AS Maakri Ehitus. The future perspectives 

of AS Maakri Ehitus were broadly clarified last week.

 

AB Kindlustuse Grupp undersigned in Washington a preliminary contract 

with Ramada International Hotels & Resorts to set up a four-star Ramada 

hotel in the unfinished building located in Tallinn, Maakri street 23. 

 

According to Leonid Apananski, the Chairman of the Supervisory Board of 

AB Kindlustuse Grupp, the company has reached a preliminary agreement 

with Ramada and undersigned a contract regarding opening of four-star 

hotel in the building of Maakri street 23 at the end of 1999, which 

will be operated under trademark of Ramada. "The final documentation 

and technical project will be prepared within two months, and in case 

of positive final decision, the construction works on the building in 

Maakri street will be re-opened in July," said Apananski. 

 

Ramada International Hotels is a member of Marriott International hotel 

group, which is also listed on the New York Stock Exchange. Marriott 

International is one of the world’s leading accommodation companies, 

which owns 1800 hotels and accommodation facilities in the USA and 53 

other countries. 

 

 

Additional information:

Leonid Apananski, 

Chairman of the Supervisory Board

AB Kindlustuse Grupp, 

tel. (+372) 631 3849