LEKS KINDLUSTUS

ANNOUNCEMENT

31.03.99

 

DISPOSAL OF SHAREHOLDING IN LITHUANIAN INSURANCE COMPANY UKIO DRAUDIMAS 

 

On 30.03.1999, Leks Kindlustuse AS and major shareholder of Ukio 

Draudimas Romualdas Bakutis (60.71% shareholding) made a contract to 

sell 2372 shares owned by Leks Kindlustuse AS. 

 

As opposed to today’s commentary in newspaper Äripäev, the sales 

contract was not concluded at the end of last week, but on 30.03.1999, 

i.e. on the day, when the transaction was signed by Leks Kindlustus 

after the respective approval of the Supervisory Board. The Supervisory 

Board of Leks Kindlustuse AS approved the conclusion of the 

aforementioned transaction on 29.03.1999. Moreover, according to the 

Articles of Association of the insurance company Ukio Draudimas, the 

transaction will not be effected before it is registered and approved 

by the Management Board of Ukio Draudimas. On 30.03.1999, the sales 

contract was forwarded to the Management Board of Ukio Draudimas for 

approval on its today’s meeting.

 

As a result of the transaction, Romualdas Bakutis will acquire 97.2% 

shareholding in Ukio Draudimas. The members of the Supervisory and 

Management Boards connected with the transaction do not hold personal 

interests in the aforementioned transaction. 

 

The Supervisory Board of Leks Kindlustuse AS made on 22.03.1999 a 

decision not to make additional investments in the share capital of 

Ukio Draudimas, and sell the shares held by Leks Kindlustuse AS. The 

Supervisory Board of Leks Kindlustuse AS convenes today to discuss the 

further strategies of Leks Kindlustus in the Baltic countries.

 

 

Pille Kaselo

Manager of Marketing Department

Tel. +372 626 7270

 

Ivo Viires

Legal director

Leks Kindlustuse AS 

Tel. +372 626 7270