EESTI ÜHISPANK

ANNOUNCEMENT

16.12.98

 

 

In accordance with the contracts made between Ühispank and Hüvitusfond,

Hüvitusfond sold its 49% holding in AS Tornimägi to Ühispank's 100% 

subsidiary AS PF Koda, which from now on owns 100% of the estate of 

Ühispank's new headquarters. The transaction involves Ühispank's 

obligation to refinance the loan given by Hüvitusfond to AS Tornimägi to 

build the respective building.

 

According to Ühispank's member of the Management Board, Leho Lugna, AS 

Tornimägi was established to build and administer Ühispank's new headquarters,

and Hüvitusfond participated in it during the building period as a financial 

investor. "In order to make the current negotiations with foreign 

investors to refinance the loan given for building as resultful as possible,

we considered 100% ownership to be advantageous," said Lugna.

 

 

Additional information

 

Leho Lugna,

Member of the Management Board

Tel. +372 6 104 500