AS PRO KAPITAL

ANNOUNCEMENT

29.03.99

 

ACQUISITION OF REAL ESTATE IN RIGA

 

Last Friday, the real estate development company Pro Kapital purchased 

two production buildings of the former VEF factory in Riga on the 

bidding organized by the Latvian Privatization Agency. 

 

Pro Kapital purchased the buildings with the total area of 42 000 m2 for 

0.5 million LVL, or 12.25 million EEK, and plans to build a shopping 

center on the premises acquired. 

 

The interests of Pro Kapital in the aforementioned purchase transaction 

are represented by PK Investments, 100% subsidiary of AS Pro Kapital 

Latvia. AS Pro Kapital Latvia was established to coordinate the 

business activities of Pro Kapital group in Latvia; it is 100% owned by 

AS Pro Kapital, which is registered in Estonia. The share capital of AS 

Pro Kapital Latvia is currently 5000 LVL, or 122 500 EEK. Pro Kapital’s 

subsidiary PK Latvia SIA, which has managed the company’s activities in 

Latvia up to now, is planned to transfer under the management of Pro 

Kapital Latvia.

 

 

Ilona Saari

Financial manager of the Pro Kapital group

Tel. +372 614 4920