OREANDA-NEWS. December 31, 2009.  “SIA LASCO Investment, as the major AS Preses Nams shareholder, supports the company’s proposed legal protection process.  We believe that it is a successful solution in an economically complicated situation.  This would make it possible to transform the company in accordance with current market demands.  Given that some of the secured creditors did not support the legal protection plan, the board of Preses Nams has decided to apply before the courts for a status of insolvency.

The board of LASCO Investment has looked at the extent to which investments in the printing sector are in line with the long-term real estate investment development strategy of the Latvian Shipping Company, as well as at the risks which are related to these investments, and it has decided to halt investments in the printing sector.  In accordance with the aforementioned Latvian Shipping Company strategy, LASCO Investment has declared that among its investment priorities will be real estate investments, management of real estate, and steps taken to increase the value thereof.

Preses Nams represents less than 15% of the LASCO Investment portfolio, and the decision by Preses Nams to seek insolvency status will not have any major effect on LASCO Investment or its parent company, the Latvian Shipping Company,” says LASCO Investment board chairman Raitis Nespors.