OREANDA-NEWS. October 22, 2010. There are changes registered at the Commercial Register of the Republic of Latvia on termination of JSC “Latvijas kugnieciba” (LASCO) group’s company “LASCO nekustamie ipasumi” Ltd. participation in the limited liability company “LASCO Housing Service”, joint registration number 40003618705. The termination of the participation is based on the sale of all the capital shares in “LASCO Housing Service” Ltd. with the nominal value of LVL 10 000 (ten thousand lats) to „VEGALATS GRUPA” Ltd. Before the sale the market research was done and the most advantageous offer is chosen.

The decision about the disposal of the capital shares in “LASCO housing service” Ltd. is made with the aim to continue to implement the approved LASCO group’s strategy for developing real estate investments, which defines focusing on adding maximum value to the real estate investments. The main function of “LASCO housing service” Ltd. was the maintenance of the LASCO group’s real estate objects and further provision of the function in-house does not correspond with tasks set out in the real estate development strategy as it does not add value to real estate investments as well as does not add value to the shareholders of the LASCO group.