Snaige AB - Notification on material event

AB “Snaigė“ and Kazakhstan national business corporation „Saryarka“ has established a joint venture

On 2 March 2010 in Astana, Kazakhstan, managing director of AB „Snaigė“
Gediminas Čeika and a representative of Kazakhstan national business
corporation „Saryarka“ has signed documents regarding the establishment of a
new joint venture. The new venture was named „Snaigė“ Saryarka“ ant will be
registered in the register of the Kazakhstan Republic Ministry of Justice. The
share capital owned by AB „Snaigė“ will be equal to 49%, by “Saryarka” - 51% of
total equity. 

According to director general of AB „Snaigė“ the first and most important task
of a newly established enterprise is securing the financing. „Negotiations with
Kazakhstan banks and large investment funds have been started“ - said G. Čeika.
„Our partners are optimistic, moreover, the project is supported by economy and
trade ministry of Kazakhstan Republic. Minister of Kazakhstan Republic economy
and trade ministry Aset Isekeshev has stressed the importance of the project to
the Kazakhstan economy during the meeting with representatives of „Snaigė
Saryarka“. 

After securing financing „Snaigė Saryarka“ will build refrigerator
manufacturing plant in Astana, later it will produce and sell refrigerators and
freezers in Kazakhstan, Russia, Kyrgyzstan, and neighbouring markets. 

According to the directors of AB „Snaigė“, the establishment of a new business
venture and building of a new plant is highly advantageous for the Company. If
the new business venture secures financing, the redeployment of manufacturing
to Kazakhstan not only will allow AB „Snaigė“ to establish presence in Kazakh
market, but also after the duty-free trading policy sets in will help AB
“Snaigė” to regain lost position in Russia as well as to enter other
neighbouring markets. In addition to that, the new plant will be close to the
suppliers of raw materials and component parts in Kazakhstan and China. 

AB „Snaigė“ manufacturing plant in Alytus will further manufacture
refrigerators for Baltic, Ukraine, Western and Central Europe markets. 

About „SPK-Saryarka“
Public limited corporation „National company Social-business corporation
„Saryarka“ was established in 2007 following order of the president of the
Republic of Kazakhstan N. Nazarbaev. The mission of the corporation - to
promote economic development in Kazakhstan capital Astana, districts of
Akmolinsk and Karaganda. The goal of the corporation - creation of competitive
manufacturing businesses able to export their products, establishment of
effective systems for state assets management, launch of innovative projects,
creation of business conditions favourable for development of small businesses. 
The work of the corporation is developed by applying public-private-partnership
model. “SPK-Saryarka” invests half of earned profit into development of
manufacturing industries not related extraction of raw materials, other part is
devoted for implementation of social projects. “SPK-Saryarka” owns 22 companies
working in alternative fuel manufacturing area, manufacturing companies
oriented to meeting resident needs, transport, logistics, building, waste
recycling, agricultural, and medicine manufacturing companies. 


More information:
Gediminas Čeika
AB „Snaigė“managing director
Phone:  8- 315-56206
E-mail: gediminas.ceika@snaige.lt 
www.snaige.lt