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Snaige AB

Report Publication Announcement • Oct 9, 2013

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Report Publication Announcement

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Disclosure 309855

Snaige AB - Notification on material event

AB „Snaige“ has sold the real estate of its subsidiary company in Russia

Alytus, Lithuania, 2013-10-09 20:49 CEST (GLOBE NEWSWIRE) -- AB “Snaige” has sold subsidiary company OOO “Techprominvest's” property. OOO “Techprominvest" - the company's refrigerator plant in Kaliningrad, which used to manufacture refrigerators for the Russian market. Its activities were suspended in 2009, when after the ruble devaluation the plant became unprofitable. According to AB “Snaige” CEO Gediminas Čeika, the potential selling of the OOO “Techprominvest” real estate is good news for the company. Having not operating the plant for several years means unnecessary expenses for its maintenance and this damages the consolidated financial result,” - said G. Čeika. “After selling procedures the company will use its recourses in more effective way.” Managing Director Gediminas Čeika +370 315 56206