AS VIISNURK

ANNOUNCEMENT

19.07.1999

 

DISPOSAL OF HOLDING IN SUBSIDIARY

 

On 15.07.1999, AS Viisnurk and OÜ Vattenfall Estonia entered into 

agreement, according to which AS Viisnurk sold its holding in 

subsidiary OÜ Ülejõe Soojusvõrk. The nominal value of OÜ Ülejõe 

Soojusvõrk share capital is 6.9 million EEK, of which AS Viisnurk 

held 50.7% or 3.5 million EEK.

 

The fields of activity of OÜ Ülejõe Soojusvõrk are maintenance of 

central heating system and sale of heat energy. As of 31.12.1998, 

the 

balance sheet volume of OÜ Ülejõe Soojusvõrk was 8.8 million EEK; 

the 

company’s turnover in 1998 totaled 6 million EEK and loss 1.2 

million 

EEK.

 

The shareholding in subsidiary was sold due to the company’s 

strategy 

to concentrate on its main business areas. AS Viisnurk will 

continue 

to produce heat energy in its boilerhouse to the network as well as 

for the company's own needs.

 

Disposal of holding in OÜ Ülejõe Soojusvõrk cannot be treated as 

transaction with related persons and the members of the Supervisory 

and Management Boards of AS Viisnurk hold no personal interests in 

the transaction.

 

 

Andrus Aljas 

Financial Director 

+372 44 78 355