About Changes in Structure of the Group of ABLV Bank, AS in Liquidation
Riga, Latvia, 2019-12-05 14:17 CET --
In early December 2019 there were changes introduced in the structure of the group of ABLV Bank, AS in liquidation (the Company). In the result of restructuring New Hanza Capital, AS, the subsidiary of the Company, is becoming a holding company for the part of the Company’s group of companies operating in the field of real estate.
In the course of restructuring, fixed capital of the Company’s subsidiary New Hanza Capital, AS was increased by EUR 90 317 119 through issue of new registered ordinary voting shares and the face value of one share at EUR 1. The shares of the new issue are paid up by material investment in the fixed capital of New Hanza Capital, AS – capital shares owned by the Company in the following limited liability companies: Pillar 23, Pillar Management, Pillar, Pillar Development, Hanzas Dārzs, New Hanza Centre, as well as investment in the limited partnership Pillar Holding Company owned by the Company as a limited partner.
On 5 December 2019 the increase of the fixed capital of New Hanza Capital, AS is registered in the commercial register. After the increase of the fixed capital, the total fixed capital of New Hanza Capital, AS is EUR 115 317 119. The Company’s share in the fixed capital of New Hanza Capital, AS has grown from 88% to 97.4%.
“There was a massive work done in order to make this decision, which consolidates the Company’s real estate business lines. Any decision in the course of liquidation is made in order to simply and optimise the investment structure of the former bank, thus contributing to its management efficiency. This has been another important decision, which will make the management of the liquidation process simpler and decision-making more transparent”, – says Andris Kovaļčuks, the liquidator of the Company.
After the restructuring, the total investment of the Company in the fixed capital of affiliated and associated companies remains unchanged. The total value of assets of the consolidated companies after the restructuring is EUR 185 million.
Head of Communication Department
ABLV Bank, AS in Liquidation
Tel.: +371 6700 2432