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ARC: Arco Vara Group increased its shareholding in development project „Bišumuiža 2” in Latvia

Spekuliantai.lt | 2009-05-22 | NASDAQ OMX biržų naujienos | perskaitė: 1537
Raktiniai žodžiai: Arco Vara AS, ARC
ARC: Arco Vara Group increased its shareholding in development project „Bišumuiža 2” in Latvia

Arco Vara Company Announcement 22.05.2009

Arco Vara Group increased its shareholding in development project „Bišumuiža 2”
in Latvia

Arco Investeeringute AS, a subsidiary of Arco Vara AS, increased its
shareholding in Bišumuižas Nami SIA from 40% to 49.4%. It was a non-cash
transaction where two of the biggest sponsors of the project converted their
subordinated loans to equity.

After the transaction 50.0% of Bišumuižas Nami SIA shares belong to SIA Linstow
Baltic, 49.4% to Arco Investeeringute AS and 0.6% to SIA Mazais Baltezers that
is controlled by Mr. Viktors Savins.

SIA Mazais Baltezers will have an option to buy from Arco Investeeringute AS
9.4% of the shares at face value.

Bišumuižas Nami SIA controls 100% a company Sportings Riga SIA that has a
residential district project in Riga called “Bišumuiža 2”.

Arco Vara is one of the leading real estate developer in the Baltic's,
operating also in Ukraine and Bulgaria. Core business is real estate
development supported by brokerage network, construction arm and property
management. The company has offices in 17 cities and employs ca 240 people.
Arco Vara AS is listed on Tallinn Stock Exchange.


Arco Vara AS

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