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Pealkiri

Sale of subsidiary company

Teade

Tallinn, 2013-12-13 07:12 CET (GLOBE NEWSWIRE) --
JSC Pro Kapital Latvia which belongs 100% to AS Pro Kapital Grupp has on 12
December 2013 signed an agreement on selling its subsidiary company LLC
Pasaules Tirdzniec?bas centrs "R?ga" (WTC Riga) to Belveron Holdings Limited. 

JSC Pro Kapital Latvia owns 100% shares of LLC Pasaules Tirdzniec?bas centrs
"Riga". The registered, paid up and eligible to voting share capital of LLC
Pasaules Tirdzniec?bas centrs "Riga" is 1’192’777 LVL, divided into 1’192’777
shares with the par value of 1 (one) LVL. This transaction is not considered a
transaction with connected persons and members of the supervisory board and
management board of AS Pro Kapital Grupp and its subsidiaries are otherwise
personally not interested in the transaction. 

Execution of the documents necessary for concluding the procedure of transfer
of shares and change of the Board of LLC Pasaules Tirdzniec?bas centrs "Riga"
shall be performed as of 1 January 2014. The transaction amount is the
equivalent of the LLC Pasaules Tirdzniec?bas centrs "Riga" equity on 31
December 2013 (the share capital of the company (1’192’777 LVL) and its profit)
plus 200 000 EUR. The equity part of the transaction price will be set off with
the liabilities of JSC Pro Kapital Latvia. From the 200’000 EUR part of the
transaction price 25’000 EUR are paid within 5 (five) business days as of the
date the documents for registering the transfer are submitted to the Commercial
Register, and remaining part upon the occurrence of certain pre-conditions
agreed in the agreement. 

LLC Pasaules Tirdzniec?bas centrs "Riga" operates as a management company for
the maintenance and administration of state owned office building in Riga, on
Elizabetes Str.2. authorized by a lease agreement with JSC “Valsts nekustamie
?pašumi”  with due date on 31 March, 2014.  LLC Pasaules Tirdzniecibas Centrs
RIGA owns 70% of LLC Prokurs shares, which will be transferred to JSC Pro
Kapital Latvia on 28 December, 2013. 

Current Management Board members of LLC Pasaules Tirdzniec?bas centrs "Riga"
are Olga Rudzika and Ilona Ahramovi?a. As of 1 January, 2014 there will be no
valid contracts between AS Pro Kapital Grupp and LLC Pasaules Tirdzniec?bas
centrs "Riga". 

Paolo Michelozzi, CEO of Pro Kapital Group, comments that AS Pro Kapital Grupp
is focusing on its core business - development of its own real estate projects
- mainly residential and retail. The management of AS Pro Kapital Group expects
that selling of LLC Pasaules Tirdzniec?bas centrs "Riga" will not affect its
business activities in Latvia. 

LLC Pasaules Tirdzniec?bas centrs "R?ga" key figures:

Th.EUR
                                                     2010             2011     
        2012           9 M 2013 

Total Assets                            11,166,636    11,772,736    12,110,838 
  12,277,592 
Total Equity                             10,009,489    10,261,302    10,491,852
   10,652,264 
Share Capital                            1,680,441      1,705,185     
1,709,584     1,697,420 

Sales                                            833,465         782,885       
 904,551        723,715 
Net result                                      391,273         102,970        
200,710        232,845 

EPS                                                    0.33               0.09 
             0.17              0.20 



         Iveta Vanaga
         Head of Investor Relations
         Phone: +37129239064
         E-mail: [email protected]