Riga Stock Exchange                                                              16.12.2004



JSC “Rīgas sporta pils” to renovate the building



On November 3, 2004 JSC “Rīgas sporta pils” singed a project management agreement with SIA 

“Būvkonsults”; the contracted company will organize and manage the tender on designs for the 

land owned by the “Rīgas sporta pils”. It is planned to build a new ice arena combined with 

business, commercial, recreation and residential areas for the needs of athletes. 

The project value will be known after the completion of the design tender. The renovation is 

expected to start in the summer of 2006 and last over 3-4 years in 4 phases. To finance the 

renovation project, funds will be raised from investment funds and from banks. JSC “Rīgas sporta 

pils” is expected to work at a loss during the renovation. The company location will remain the 

same, since the land and buildings are the property of “Rīgas sporta pils”; the renovated building 

complex will belong to JSC “Rīgas sporta pils” shareholders. The company business will be 

suspended during the renovation period.