SRV Group Plc Stock Exchange Release July 10 2008 08.30 a.m. EET
SRV sold the hotel in Ekaterinburg
SRV Russia Ltd, which belongs to the SRV Group, has sold the shares of ZAO
Nordrus Hotel. ZAO Nordrus Hotel owns the 160-room hotel located in Ekaterinburg
in Russia. The hotel is operated under Park Inn brand. The buyer is Wenaas Hotel
Russia A/S, which belongs to the Norwegian Wenaas Group. The selling price is
EUR 22.5 million.
“SRV has been in the Russian market for more than 20 years and has implemented
over 60 projects. Selling of the hotel, which we constructed, was according to
our plans and strategy to release equity to be invested in Russia in order to
increase our operations there”, says Eero Heliövaara, CEO of SRV.
The transaction requires the consent of the Russian competition authorities,
which is expected during September/October. The transaction brings an operating
profit of about EUR 13 million.
SRV Group Plc
Eero Heliövaara
CEO
Further information:
Veli-Matti Kullas, Executive Vice President, SRV Russia, tel. +358 40 501 5280
Hannu Linnoinen, Senior Executive Vice President, CFO, SRV, tel. +358 50 523 850
Distribution:
OMX Nordic Exchange in Helsinki
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