Decision passed by the extraordinary general meeting of JSC Development Finance Institution Altum
Inside information, 2020-04-06 14:50 CEST --
JSC Development Finance Institution Altum, the parent company of JSC Development Finance Institution Altum Group, held its extraordinary general meeting on 6 April 2020 at 12.00.
The extraordinary general meeting passed the following decision:
to increase the reserve capital of JSC Development Finance Institution Altum and, in compliance with the Cabinet of Ministers Decree No 122, of March 25, 2020 to transfer EUR 100,000,000 (one hundred million euros) to the reserve capital for funding of the crisis guarantee programme and crisis loan programme of JSC Development Finance Institution Altum with the following distribution of funds:
1. EUR 50,000,000 for the programme Working Capital Loans to businesses affected by the spread of Covid-19;
2. EUR 25,000,000 for the programme Guarantees to businesses affected by the spread of Covid-19”;
3. EUR 25,000,000 for the programme Portfolio Guarantees for Mitigation of Covid-19 Crisis.
JSC Development Finance Institution Altum is a Latvia state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. On 25 March 2019 Moody’s Investors Service (Moody’s) reconfirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The baseline credit assessment (BCA) was upgraded to investment grade rating baa3. The assigned Moody’s rating of Altum is one of the highest credit ratings assigned to corporate entities in Latvia. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga. Altum was the winner of Stock Exchange Event of the Year award in Nasdaq Baltic Awards 2019.
JSC Development Finance Institution Altum, Development Finance Institution Altum
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