The extraordinary shareholder meeting of JSC Development Finance Institution Altum (hereinafter – Altum) was held on 3rd July 2023 in the premises of Altum at Dome Square 4, Riga. Meeting was organized by using remote connection options.

The extraordinary shareholders' meeting discussed issues on (i) changes in the positions of the Internal Audit Department, (ii) changes to the expense budget of the Internal Audit Department for 2023, (iii) the bonus for 2022 to the Head of the Internal Audit Department and (iv) the Altum’s reserve capital.

The following decisions were made in the extraordinary shareholder meeting:

1.  to approve changes in the positions of the Internal Audit Department,

2.  to approve changes to the expense budget of the Internal Audit Department for 2023,

3.  to order the Management Board of Altum to pay the bonus for 2022 to the Head of the Internal Audit Department,

4.  to reduce the Altum’s special reserve capital for the Covid-19 loan and guarantee programmes in the amount of 27.5 million EUR, taking into account that the impact of the pandemic upon corporates has decreased leading to decreased demand for respective funding in these programmes, and to reallocate the said funding for financing the investment loans’ with a capital rebate programme, by increasing the amount of the programme and maintaining the same nature of the funding – funding for the implementation of a new support programme and covering expected losses. Additional information on upcoming decrease of special reserve capital is available in the Altum’s unaudited interim condensed report for the three months period ended 31 March 2023, published on Nasdaq Baltic on 31 May 2023.

JSC Development Finance Institution Altum is a Latvian state-owned company providing enterprises and households access to financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. On 16 December 2022 Moody’s Investors Service (Moody’s) affirmed the Company’s Baa1 long-term issuer rating, with outlook stable, same as affirmed on 25 March 2019. The baseline credit assessment (BCA) is also affirmed at Baa3, together with the short-term issuer rating at P-2. The assigned Moody’s rating of Altum is one of the highest credit ratings assigned to corporate entities in Latvia. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga.

         Laura Lapkovska
         AS Attīstības finanšu institūcija Altum Investors Relationships Division
         Tel.: +371 26165699
         E-mail: Laura.Lapkovska@altum.lv