PRO KAPITAL

ANNOUNCEMENT

 

ABOUT LISTING OF KRISTIINE KAUBANDUSKESKUS

 

25.08.2000 the Management Board of AS Pro Kapital Eesti, the sole 

owner of AS Kristiine Kaubanduskeskus, decided to apply for listing 

of Kristiine Kaubanduskeskus shares on Tallinn Stock Exchange 

Secondary List. 

 

The aim of this decision is to transform the subsidiary's shares 

into liquid, stock exchange traded securities, and raise additional 

capital to carry out the plans for expansion of Kristiine 

Kaubanduskeskus.

 

The Board simultaneously determined the order for the issue of new 

shares of Kristiine Kaubanduskeskus, and for public offering of 

existing shares.

 

In accordance with the decision of the Management Board, Pro 

Kapital Eesti will increase the share capital of Kristiine 

Kaubanduskeskus to EEK 200 million. For that purpose the company 

will make a public issue of 2 million new ordinary shares with EEK 

10 par value.

 

According to the decision Pro Kapital Eesti will dispose 7,800,000 

existing shares in Kristiine Kaubanduskeskus, which will account 

for 49% of Kristiine Kaubanduskeskus share capital after the issue 

of 2,000,000 new shares.

 

The subscription period for public issue of AS Kristiine 

Kaubanduskeskus shares is scheduled to take place from October 20 

until November 20. The subscription will take place in all Estonian 

commercial banks in Tallinn.

 

During the same time period the company plans to conduct the 

initial public offering of 7,800,000 existing shares of Kristiine 

Kaubanduskeskus. 

 

After public issue and public offering of shares, the volume of 

Kristiine Kaubanduskeskus share capital is EEK 200 million, and AS 

Pro Kapital Eesti will control 51% of Kristiine Kaubanduskeskus 

shares. 

 

This decision will have an impact on Pro Kapital Group consolidated 

profit figure and cash flows in year 2000.

 

The transaction cannot be defined as transaction with connected 

persons under TSE Rules and Regulations. Members of Supervisory and 

Management Boards of AS Pro Kapital Group and AS Kristiine 

Kaubanduskeskus do not have personal 

interest in this transaction in any other way.

 

Additional information:

Ilona Saari

Management Board member

Pro Kapital Grupp 

Tel. +372 614 4920

 

Andrus Laurits

CEO

Pro Kapital Eesti 

Tel. +372 614 4920