Teksts
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Management Board of JSC “Latvijas balzams” (hereinafter
“the Company”) provides additional information about the proposed
draft amendments to the Articles of Association that foresee to
establish Special Purpose Reserves at the amount of EUR 5 311 764
for real estate and reorganization related projects development and
preven-tion of related risks.
1. The Company’s Management Board points out that the establishment
of the Special Purpose Reserves is based on Annual Financial
Statements and Consolidated Financial Statements Law. The first
appendix of this Law provides that a company may include several
types of reserves in its balance sheet equity item, among which
there can be reserves defined in the articles of association of the
company. It follows that in the company’s articles of association
may be established several types of reserves. In its turn
International Accounting Standards (or IAS) define that the company
may establish reserves by observing the rules and regulations of
local laws.
Laws and regulations do not foresee any limitations imposed on the
establishment of the reserves, so it is left to the competence of
the shareholders' meeting, which is entitled to take a decision on
the amendments to the articles of association and establishment of
reserves.
2. The proposal to establish such Special Purpose Reserves fund is
based on the fact that the Company owns several real estates -
factories, warehouses, bureau, which all ensure the business
of the Company. The buildings are located at different addresses
(Čaka, Briāna, Ostas, Sporta, Rūdolfa, Daugavgrīvas streets) and
they are in the different technical condition. Several of these
real estates are located in the territory of Riga historical center
which also imposes particular burdens to their maintenance and
operation and raise the costs therefor.
These real estate properties require systematic investments in
their maintenance and modernization in order to ensure the
efficiency and competitiveness of the Company. As the Company’s
future development plans and perspectives are evaluated on a
regular basis, including also evaluating the other potential ways
to use the real estates, as for example, to develop a museum or
representation center, it is proposed to establish such a Special
Purpose Reserves Fund for real estate and reorganization related
projects development and prevention of related risks.
Contributions to this fund would be a voluntary decision of each
shareholder.
Taking into account the long - term management experience of the
Board members that has guaranteed the successful performance of the
Company even during the years of the crisis, the Board evaluates
this proposal as a visionary step that will guarantee the ability
to implement the Company's further development plans.
Information about the Extraordinary Meeting of Shareholders
of JSC “Latvijas bal-zams” to be held on September 8 in this year
is announced on website of JSC “Latvijas balzams” www.lb.lv,
website of the central storage of regulated information -
www.oricgs.lv and Nasdaq Riga website
www.nasdaqbaltic.com.
Additional information:
Dana Hasana
Communications Manager, Latvijas balzams and Amber Beverage
Group
Ph.: +371 67011711
Mob.:+371 26355895
E-mail: dana.hasana@amberbev.com
www.lb.lv
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