OREANDA-NEWS. March 27, 2012. The Bank’s Board seeking to optimize the structure of the Group of Siauliu bankas making it easier and more transparent passed the resolution to acquire 100 per cent of the shares of UAB “Pavasaris” during the meeting, reported the press-centre of Siauliu Bankas.

During the first stage 49,6 per cent of the authorized capital and voting rights of “Pavasaris” UAB owned by the bank’s subsidiary companies shall be acquired and the preliminary agreement regarding the purchase of 17,51 per cent of extra-shares shall be signed. Later, after gaining the permission from the Competition Council, the bank shall aim to take the full control over the company. The shares will be acquired paying the market price established by the independent asset evaluator, according to which the value of 100 per cent shareholding comprises LTL 36,1 million.

The Board’s resolution has been passed considering the profitable performance history of the “Pavasaris” UAB, opportunities allowing the increase of the share of managed authorized capital and assessing the prospects of the company’s performance.

“Pavasaris” UAB is engaged in the development of the multi-apartment residential house area in Lazdynai catchment located in Vilnius city. The constructed catchment consists of the ten multi-apartment residential houses (the total projected useful area of flats amounts to 88 thou sq meters). The six multi-apartment houses have been built up to now (the useful area of the flats comprises 60,4 thou sq meters). It is planned to build four multi-apartments houses more within the period of coming five years, the project is to bring about LTL 40 million of net profit over the mentioned period.