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Pealkiri

Establishment of new subsidiary of the group

Teade

Tallinn, 2014-05-22 14:34 CEST (GLOBE NEWSWIRE) --
AS Pro Kapital Grupp informs that subsidiary company of the group PK Invest UAB
has on 21.05.2014 concluded the contract for establishment of PRO KAPITAL BONUM
UAB. The business area of the new subsidiary of PK Invest UAB is real-estate
development and the planned business activity is the development of new
residential building to be located in Saltiniu Namai residential complex in
Vilnius. 

The transaction is not considered to be a transaction with connected persons
within the meaning of the stock-exchange requirements and members of the
Issuer’s supervisory board and management board are otherwise personally not
interested in the transaction.  The establishment of the subsidiary does not
have an effect of the economic activity of the issuer. 

The share capital of PRO KAPITAL BONUM UAB is LTL 10 000, which upon the
establishment of the company belongs 100% to PK Invest UAB. Director of the new
company is the Chairman of the Management Board of AS Pro Kapital Grupp Mr.
Paolo Vittorio Michelozzi. 

The purpose of establishment of the subsidiary is to start with the residential
development of new residential building to be located in Saltiniu Namai
residential complex in Vilnius and to create a legal platform for possible
participation of co-investor in the project. 

As the presales of the residential building being constructed in Saltiniu Namai
residential complex (construction of which started in February of 2014) have
been very strong (15 out of 19 units have been presold as of this notice) AS
Pro Kapital Grupp has decided to start with preparation activities needed to
start with the development of additional new building. Planned number of units
of the new building is 44. 

AS Pro Kapital Grupp will inform its investors through the stock-exchange
additionally when additional decision are made in regards to the project. 

Additional information:

Saltiniu Namai is a residential development project located in Vilnius next to
the Old Town. The business plan for the Saltiniu Namai residential quarter
foresees a series of apartment buildings built in stages. The location is
attractive for a residential area: it is located right next to the Old Town and
enjoys a good access both by cars and public transport. The creation of houses
and cottages with leisure, sports and commercial zones – is a remarkable
contribution to the expansion of Vilnius city, where the conversion of
abandoned industrial areas is prominent. The first stage of Project Saltiniu
Namai has been completed: four five floor buildings with attics and 11 private
cottages have been built. Pro Kapital has in the first stage of the development
built 143 apartments, 11 cottages and 21 commercial premises with sellable area
of 15 278 m2. Residents of Saltiniu Namai quarter are already enjoying the
private courtyard, finished landscape works and fully equipped children‘s
playground. In February 2014 Pro Kapital started the construction works of a
new building with 19 units. 

PK Invest UAB is a company established 12.10.1998, which belongs 100% to Pro
Kapital Vilnius Real Estate UAB. Pro Kapital Vilnius Real Estate UAB is 100%
subsidiary of AS Pro Kapital Grupp. PK Invest UAB is the developer of the land
plots needed for the development of the Saltiniu Namai project in Vilnius
Lithuania. 


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