AS PRO KAPITAL

ANNOUNCEMENT

26.11.99

 

PRO KAPITAL WILL ACQUIRE 100% HOLDING IN ARCO KINNISVARAARENDUSE AS

 

In accordance with the option contract concluded between Pro 

Kapital and Baltic Investments Ltd. on 11.10.1999, the Management 

Board of AS Pro Kapital decided to exercise the right to purchase 

additional 50% of shares in AS Arco Kinnisvaraarendus for EEK 50 

million.

 

According to the agreement of the transaction parties, the share 

purchase contract will be concluded in the near future. The 

transaction was not concluded between related parties.

 

After conclusion of the aforementioned transaction, AS Pro Kapital 

will have 100% holding in AS Arco Kinnisvaraarendus.

AS Arco Kinnisvaraarendus was established for development of the 

former Tondi military base in Tallinn. AS Arco Kinnisvaraarendus 

owns a total of approximately 180 000 m2 of land with buildings.

 

 

Andrus Laurits

Executive manager

Pro Kapital

Tel. +372 614 4920