CORRECTION: JSC “Latvijas kuģniecība” establishes an enterprise for investment placement and management

Addes text in the last paragraph.

JSC “Latvijas kuģniecība” (Latvian Shipping Company - LASCO) has founded 100
per cent daughter company LASCO Investment to take care of LASCO investment
allocation and investment management business development. The newly
established company's share capital is LVL 19 million and it planned to place
investment in non-shipping related industries and companies in order to secure
business risk diversification and strengthen its asset base in the prevailing
global economic crisis situation. 

“LASCO performance results over the last few years demonstrating solid annual
profit of tens of million LVL approves that the company's strategy to invest in
medium - range tanker fleet has been correct. As the result of focused business
operations LASCO has accumulated significant financial resources providing
prerequisites for further long-term investment. Having assessed the downturn in
the world economy at present and the gloomy recovery forecasts in the nearest
future, it is uncertain to target investment only for the development of our
core business,” points out Raivis Veckagans, LASCO Vice-president. 

In order to ensure successful growth of LASCO Group in long term the Group's
Management Board has started development of its risk management strategy
providing for investment of unconfined financial resources in other safe and
non-shipping related investment sectors. 

LASCO Investment Ltd. is established on the basis of the existing LASCO
daughter company Kuģu menedžments Ltd., which in the result of reorganization
has acquired two other 100% daughter companies of LASCO - Jūrnieku mācību
centrs and Kuģu remonta bāze. Kuģu menedžments equity is being enlarged by LVL
18 million by LASCO financial investment into its share capital. Simultaneously
the name of Kuģu menedžments Ltd. is changed to LASCO 
Investment Ltd. 


More detailed information:
Marita Ozolina-Tumanovska
Head of PR Department
Phone: +371 67020120, 29287169
E-mail : marita.ozolina@lscgroup.lv