News

18.09.2009: Arco Vara AS sold shares of Arco Vara Puukool OÜ

Arco Vara AS sold 100 per cent shares of Arco Vara Puukool OÜ (100% subsidiary of Arco Vara) with the share capital of 40 000 kroons (2556 euros). The purpose of the transaction was to separate ancillary activities from the principal
activities of the Group. Arco Vara Puukool OÜ was engaged in production of forestry plants.

The 100 per cent interest in Arco Vara Puukool OÜ was acquired by Metsamarket OÜ, whose director is Lehar Lindre. This transaction represents a transaction with a related person within the meaning of “Requirements for Issuers” of the
NASDAQ OMX Tallinn Rules. Lehar Lindre was a member of the management board of Arco Vara Puukool OÜ, a 100 per cent subsidiary of Arco Vara AS.

The value of the transaction was 600 000 kroons (38 347 euros), and the transaction was carried out as a hire-purchase with a payment period of 60 days. In order to secure payment of the transaction price the shares of Arco
Vara Puukool OÜ have been pledged for the benefit of Arco Vara AS.

The transaction does not have material economical effect on the activities of Arco Vara Group and does not qualify as an acquisition of significant holding.
The members of the supervisory board and the management board of Arco Vara AS have no other personal interest in the transaction.

Arco Vara is a leading real estate developer in the Baltic's, established in 1992. The operations involve real estate development, brokerage, valuation, construction and property maintenance arm. The company is located in 17 cities
in Estonia, Latvia, Ukraine and Bulgaria and employs ca 250 people.
Arco Vara AS is listed on Tallinn Stock Exchange.

Lembit Tampere
CEO
Arco Vara AS
phone: +372 614 4630
info@arcovara.ee
http://www.arcorealestate.com/