OREANDA-NEWS. 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 Tirdzniecibas centrs Riga (WTC Riga) to Belveron Holdings Limited.

JSC Pro Kapital Latvia owns 100% shares of LLC Pasaules Tirdzniecibas centrs Riga. The registered, paid up and eligible to voting share capital of LLC Pasaules Tirdzniecibas centrs Riga is 1192777 LVL, divided into 1192777 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 Tirdzniecibas centrs Riga shall be performed as of 1 January 2014. The transaction amount is the equivalent of the LLC Pasaules Tirdzniecibas centrs Riga equity on 31 December 2013 (the share capital of the company (1192777 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 200000 EUR part of the transaction price 25000 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 Tirdzniecibas 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 ipasumi 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 Tirdzniecibas centrs Riga are Olga Rudzika and Ilona Ahramovica. As of 1 January, 2014 there will be no valid contracts between AS Pro Kapital Grupp and LLC Pasaules Tirdzniecibas 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 Tirdzniecibas centrs Riga will not affect its business activities in Latvia.