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2007-12-28
Bankas SNORAS will sell 40 percent of SNORAS Development shares
On 27 December 2007, the Board of Bankas SNORAS adopted a decision to sell 40 percent of shares of its subsidiary company SNORAS Development. SNORAS Development is engaged in developing realty projects: reconstruction, building and realization.

"Seeing the reliability and successful activity results of Bank SNORAS as a financial institution, market players evaluate investments into the subsidiary companies of the bank as a very attractive perspective, therefore Bank SNORAS receives various proposals from other enterprises. Presently the bank is negotiating with a potential investor about selling a portion of SNORAS Development block of shares. We trust that the future transaction will turn into a mutually beneficial cooperation and the new Bank SNORAS partner will contribute to a successful development of the company's objects," - Naglis Stancikas, the first Vice President of Bankas SNORAS, states.

According to N. Stancikas, the investor together with SNORAS Development company will participate not only in future projects but in the currently executed projects and it will also join in their development with its own funds.

"SNORAS Development is carrying out quite a few attractive projects in Vilnius; besides, we see extremely great activity potential in this city and we are prepared for new, interesting challenges. We also positively evaluate the new investor and we trust that it will be an especially successful partnership," - Sergey Akimov, Director General of SNORAS Development, maintains.

According to S. Akimov, presently the company is reconstructing a residential building in Gaono street - it is intended to set residential apartments and commercial premises there. Furthermore, within the past several months SNORAS Development obtained realty objects in Raugyklos and Žirmūnų streets, and in the beginning of December it finished coordinating a new project in Vilnius New Town (Naujamiestis) and received a permit to perform construction works in this area.

SNORAS Development has been operating in realty market since 2000. The company is known to the realty market participants as the creator of an exclusive trademark. The enterprise has already realized its first two projects: Senamiesčio dominija® (Old Town Dominion) and Sapiegos dominija® (Sapiegos Dominion). SNORAS Development presents to the realty market offers of residential, commercial and administrative premises and it also cooperates with realty salesmen and intermediaries.


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