PRO KAPITAL

ANNOUNCEMENT



EXTENDED SUBSCRIPTION PERIOD



As the investors did not subscribe for all Pro Kapital shares to be 

issued during the subscription period determined by 11.05.2000 

shareholders' annual general meeting, the company's Management Board 

decided on 15.05 to extend the subscription period for shares to be 

issued until 01.06. 2000. The place of subscription is AS Pro Kapital 

head offices at 13 Narva St, Tallinn.



In accordance with the decision of AS Pro Kapital annual general 

meeting of 11.04.2000, the shareholders decided to increase the 

company's share capital by EEK 144,000,000 through issue of new 

shares. In order to increase share capital, Pro Kapital will issue 

14,400,000 new nominal shares at EEK 10 par value to the owners of 

Italian company Domina Hotel e Comproprieta Alberghiere S.p.a.   



Shareholders' annual general meeting set the subscription period from 

01.05. - 15.05.2000. The shareholders also authorized the Management 

Board to extend the subscription period, or to cancel the 

unsubscribed shares.





Andrus Laurits

CEO, Pro Kapital

+372 6144920