AS KALEV

ANNOUNCEMENT

22.12.98

 

AS KALEV SELLS THE HOLDING IN AS VILNIAUS PERGALE

 

The Supervisory Board of AS Kalev approved on its yesterday meeting the 

Management Board's proposal to sell AS Kalev shareholding in AS Vilniaus 

Pergale. The volume of the sale of Vilniaus Pergale is 18 million EEK.

 

AS Kalev has not succeeded to increase its holdings in the associated company, 

as it was determined initially. 26% shareholding does not enable the company

to participate in the management of Vilniaus Pergale as much as necessary, thus 

a mutual conception on the Baltic market is lacking.

The sale of the shareholding will not influence the sales volume of Kalev

on the Lithuanian market, since Kalev has marketed its products independently 

from Vilniaus Pergale. The companies will continue mutually profitable

cooperation on the contract basis. 

 

 

Tiina Altmets

Information Manager