AS PRO KAPITAL

ANNOUNCEMENT 

01.03.99

 

ABOUT THE SALE OF OÜ VIRUÄRI

 

Today, on March 1, 1999, AS Pro Kapital as a seller and AS DIEST EST 

SA as a buyer entered into a notarial contract for the sale of 100% 

of the shares in OÜ Viruäri, which owns business premises in Demini 

shopping center in Tallinn.

 

The cost of transaction (100% holding in Viruäri) was 60 088 280 EEK, 

of which the buyer paid 45 040 140 EEK on the day of transaction. The 

rest of the amount, or 15 049 554 EEK, will be paid within 7 days. 

 

AS DIEST EST SA is registered in Estonia, although it represents 

foreign investors. The transaction was not concluded between related 

parties.

 

OÜ Viruäri owns a 1200 m2 estate in the old town of Tallinn at Viru 

St. 1 / Vene St. 2/4, and 2785.5 m2 of business premises in Demini 

center. Useful area of Demini center is 3981 m2, of which 1195.5 m2 

are apartment premises. 

 

In order to conclude the above transaction, AS Pro Kapital acquired 

at the end of last week all the shares of OÜ Viruäri, buying a total 

of 43.9% of the respective shares from the previous co-owners of the 

company Baltic Investments Ltd and GDC Holding SA. The total cost of 

these transactions amounted to 15 610 000 EEK. As of December 31, 

1998, the book value of 56.1% of shares of OÜ Viruäri held by Pro 

Kapital before the above-mentioned transaction was 31 907 346 EEK.

 

Pro Kapital acquired a holding in Viruäri in fall 1997. The 

reconstruction of the building into shopping center and apartments 

started in 1996 and ended in November 1998. 

 

 

Andrus Laurits

AS Pro Kapital 

Member of the Management Board, Managing Director

Tel. +372 614 4920