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: iveta@prokapital.lv
