Snaige AB

M&A Activity • Aug 14, 2013

Disclosure 308839

Snaige AB - Notification on material event

AB „Snaige“ announces the sale of real estate of its subsidiary company in

Alytus, Lithuania, 2013-08-14 15:49 CEST (GLOBE NEWSWIRE) -- AB “Snaige” has signed a preliminary agreement regarding subsidiary company OOO “Techprominvest's” property sale. 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 the company will sell this real estate, the company will use its recourses in more effective way.” Managing Director Gediminas Čeika +370 315 56206