Snaige AB

M&A Activity • Nov 28, 2013

Disclosure 310995

Snaige AB - Notification on material event

On the sale of 100% stake in OOO “Techprominvest” and on the impact of the transactions to the company’s financial results

Alytus, Lithuania, 2013-11-28 16:28 CET (GLOBE NEWSWIRE) -- AB “Snaigė” (hereinafter, the Company) hereby informs that it has concluded a transaction on sale of all 100% stake of OOO “Techprominvest”, held by the Company (1% to OOO „Spektr plius“ and 99% - to OOO „UniversalStroi“). The total sale price of all 100% stake of OOO “Techprominvest” is EUR 2,750,000; the term for payment of the price - until 30 December 2013. As it was indicated in the notification on material event of the Company, dated 16 October 2013, the Company undertook to announce a notification on material event, indicating the impact of the transaction on sale of real estate of OOO “Techprominvest” to the financial results of the Company (the Company has announced on sale of the indicated real estate on 9 October 2013). In the opinion of the Management of the Company, taking into consideration the nature of both of the aforementioned transactions, and aiming to objectively reflect the profitability thereof, the impact to the consolidated financial results of the Company of both transactions (sale of real estate of OOO “Techprominvest” and sale of 100% stake of OOO “Techprominvest”) has to be established and disclosed collectively. Thus, the Company hereby further informs that the impact of the indicated transactions (sale of real estate of OOO “Techprominvest” and sale of 100% stake of OOO “Techprominvest”) to the consolidated financial results of the Company is (- EUR 2,200,767). Mr Gediminas Čeika, Managing Director of AB “Snaigė”, is positive about the sale of OOO “Techprominvest”. “The company finally disposed of assets not related to its core business, maintenance of which had been causing losses for the company since 2009”, G. Čeika said. “It is hard to admit that the investments of AB “Snaigė” in Kaliningrad did not serve their purpose, however, without this company the results of AB “Snaigė” should improve and it should be easier to carry on.” Managing Director Gediminas Čeika +370 315 56206