AS PRO KAPITAL

ANNOUNCEMENT 

17.02.99

 

AS PRO KAPITAL WILL PURCHASE 70% OF OÜ NEOTRUST AT NOMINAL 

PRICE 

 

The Management Board of AS Pro Kapital has decided to accept 

the offer to purchase 70% of the shares of OÜ Neotrust, which 

administrates the Riga World Trade Center, at nominal price 

(7,000 EEK). Pro Kapital will purchase the holding in Neotrust 

from another company of Ernesto Preatoni Group.

 

OÜ Neotrust, a company of Ernesto Preatoni Group, acquired the 

purchase right for 26.5% of the shares of Riga World Trade 

Center on the offering organized by the Latvian Privatization 

Agency in last August. OÜ Neotrust currently owns 78.81% 

shareholding in Riga World Trade Center, which was acquired at 

the end of 1998 via the increase in the share capital. The 

share capital was increased by 1 million LVL, which was also 

one of the sales terms set by the Latvian Privatization Agency. 

The other shareholders of the center did not participate in 

increasing the share capital. Thus, after the increase in the 

share capital, the Republic of Latvia owns less than 20% 

holding in Riga World Trade Center. At this moment, the volume 

of the share capital of Riga World Trade Center is 1.405 

million LVL.  

 

All the premises in the 12.269 square meters office building in 

the center of Riga are currently rented out. According to the 

development plan, the building should be reconstructed, and a 

40-floor office building, costing approximately 90 million 

dollars, should be built next to it. 

 

 

Additional information: 

 

Ilona Saari

Pro Kapital 

Financial manager

Tel. +372 614 4920