During the primary distribution period of a public issue, AS Balti Investeeringute Grupp (BIG) sold different types of bonds worth six and a half million Estonian kroons.
BIG sold bonds of public issue during the primary distribution period from 15 October to 30 November to seventy-five investors in the total amount of EEK 2.4 million. The bonds issued will mature in six months or in one year. The maturity date of the six-month bonds is 1 June 2002 and they carry an annual interest rate of 9.5%. The one-year bonds will mature on 1 December 2002 and they bear an annual interest of 10%.
In the same period, the company conducted additional closed issues of bonds that were sold for EEK 4.1 million. In the course of the public issue, BIG's bond portfolio grew by 9.1% or EEK 3.5 million, totalling EEK 42 million as of 30 November 2001.
"To sell bonds to the existing clients, we do not have to conduct public issues of bonds. That is why there is nothing peculiar about the fact that the larger share of BIG's bonds is sold by closed issues," explained Ingo Põder, chairman of the board of BIG.
Over ten months of the current year, AS Balti Investeeringute Grupp earned a net profit of EEK 5 million, which is 20% more than the same period last year. Over ten months, the assets of the company increased 22.1%, reaching EEK 98.3 million, and the net loan portfolio went up by 28.3%, amounting to EEK 80.2 million. Last year the company posted an audited net profit exceeding EEK 5 million.
With about 2800 clients, AS Balti Investeeringute Grupp is the greatest lender of money to private persons in the Baltic States after banks and leasing companies. BIG was founded in Tartu in 1992. In 1993 the company expanded to Tallinn and in 1994 to Pärnu. The first foreign branch was established in Riga in 1996. The name of the subsidiary is AS Vidzemes Kredits and its main areas of operation are similar to those of the parent company.
Further information:
Ingo Põder
Chairman of the management board of AS Balti Investeeringute Grupp
Tel. 07 441 950
