JSC Latvijas kuģniecība                        15.02.2005                



On the Establishment of JSC Latvijas kuģniecība subsidaries (w/add)



With reference to Riga Stock Exchange Letter No. 46 of 

February 11,2005, JSC Latvijas kuģniecība hereby presents 

more detailed information on the establishment of 

JSC Latvijas kuģniecība subsidiaries.



JSC Latvijas kuģniecība (LASCO) hereby informs that its four 

new 100% subsidiaries – SIA "Transporta bāze" 

(uniform Reg. No. 50003725131,capital LVL 152,000.00, legal 

address: Kundziņsalas 10 šķērslīnija 16, Riga), SIA "Jūrnieku 

mācību centrs" (uniform Reg. No. 40003725178, capital 

LVL 400,000.00,legal address: 6 Andrejostas Str., Riga), 

SIA "Kuģu menedžments"(uniform Reg. No. 40003725159, capital 

LVL 1,000,000.00, legal address: 4a Andrejostas Str., Riga) and 

SIA "Karavella Property" (uniform Reg. No. 50003725061, capital 

LVL 650,000.00, legal address:27 Katrīnas dambis, Riga) - 

were registered in the Commercial Register on 31 January 2005. 



All the above-mentioned companies were established pursuant to 

JSC Latvijas kuģniecība Supervisory Council resolution 

No. 39/147 dated 13 October 2004 and will perform maintenance 

of the real estate owned by the Company. 



The newly established companies’ Councils have not been elected. 

Each company’s Board of Directors consists of 1 member: 

Mr. Austris Adumāns in SIA "Karavella Property" and SIA 

"Transporta bāze",and Mr. Valērijs Godunovs in 

SIA "Jūrnieku mācību centrs" and SIA "Kuģu menedžments".



JSC Latvijas kuģniecība Strategic Plan 2003-2010 dated 30 May 

2004 provides for the phasedown of LASCO activities not related 

to its core business – marine transportation services.



Financial statements of the newly established subsidiaries will 

be consolidated in JSC Latvijas kuģniecība financial statements 

2005, and will have no impact on LASCO financial ratios, since 

LASCO investments in kind in the said subsidiaries are booked 

as its long-term financial investments. 





Considering the above-mentioned information, LASCO investments 

in kind in its four newly established subsidiaries cannot have 

a material effect on the price of JSC Latvijas kuģniecība 

financial instruments listed on Riga Stock Exchange. 



Pursuant to Article 25.2 of Riga Stock Exchange Rules On Listing 

and Trading of Financial Instruments on the Markets Regulated 

by the Exchange, material investments shall be the Issuer’s 

transactions,in which the amount paid for the assets is equal 

to or exceeds 10% of the Issuer’s equity as per the last 

consolidated balance sheet audited by a certified auditor. 

According to the audited JSC Latvijas kuģniecība Group 

Financial Statements 2003, its total shareholders’ equity as 

of 31 December 2003 made up LVL 158,923,676.00.



Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

Fax: +371 7820239

E-mail : ozolina@lsc.riga.lv