ABLV Bank, AS Increases Share Capital of Two of Its Subsidiaries
Riga, Latvia, 2018-04-18 07:42 CEST --
This is to inform that ABLV Bank, AS has increased share capital of two of its subsidiaries — Pillar Development, SIA and New Hanza Centre, SIA (formerly known as ABLV Building Complex, SIA).
The share Capital of Pillar Development, SIA was increased by EUR 5.75 million and now amounts to EUR 39.45 million, while the New Hanza Centre, SIA share capital was increased by EUR 4.9 million and now amounts to EUR 35.1 million.
The Pillar Development, SIA share capital increase is aimed at paying for the construction works already done in the multifunctional culture centre “Hanzas perons” that is a former Riga’s cargo railway station at the New Hanza territory, as well as to complete the principal construction works under the reconstruction of this historically important building. The New Hanza Centre, SIA share capital increase is also related to the construction works at New Hanza – building the block of office premises: the started works need to be paid for and the piling has to be completed.
The said construction works are important to prevent long-term losses regarding these unfinished objects.
In accordance with the decision of the shareholders of ABLV Bank about the voluntary liquidation of the bank, real estate development and management is not a priority for the bank right now, therefore, ABLV Bank, AS invested the buildings at 21a Elizabetes St. and 23 Elizabetes St. in NHC 5, SIA, which is a subsidiary of New Hanza Capital, AS, the subsidiary of ABLV Bank, AS, in order to facilitate its further management, maintenance, and collaboration with the tenants. Thus, the NHC 5, SIA share capital is increased by EUR 8.19 million and now amounts to EUR 8.2 million with ABLV Bank, AS obtaining 98.71% of its shares.
The abovementioned decisions are coordinated with the Financial and Capital Market Commission.
ABLV Group Communication Leader
ABLV Bank, AS
Tel.: +371 6700 2454