Attīstības finanšu institūcija Altum
Decisions of general meeting
JSC Development Finance Institution Altum – Decisions Passed by Extraordinary Shareholder Meeting
Inside information, 2020-09-14 15:35 CEST --
The extraordinary shareholder meeting of JSC Development Finance Institution Altum (hereinafter – the Company), the parent company of JSC Development Finance Institution Altum Group (hereinafter – the Group), was held on 11 September 2020 from 11.00 to 12.00.
The extraordinary shareholder meeting made decisions on (i) increasing of the reserve capital and transferring of the funds to the reserve capital for funding of the Student Loan Portfolio Guarantees Programme, (ii) increasing of the reserve capital and transferring of the funds to the reserve capital for funding of the Alternative Investments Fund, (iii) investment in the Three Seas Initiative Investment Fund, (iv) Year 2019 Operational Assessment by the Head of the Internal Audit Division and (v) Year 2019 Assessment of ALTUM by the Cross-sectoral Coordination Centre of the Republic of Latvia.
The shareholder meeting passed the following decisions:
1. to increase the Company’s reserve capital and transfer EUR 625 538 to the reserve capital for funding of the Student Loan Portfolio Guarantees Programme;
2. to increase the Company’s reserve capital and transfer EUR 25 000 000 to the reserve capital for funding of the Alternative Investments Fund;
3. to approve the Management Board’s decision dated 20 August 2020 to invest in the Three Seas Initiative Investment Fund S.A. SICAV-RAIF a total of EUR 20 million through the Private Placement Memorandum; to make the Management Board of Altum responsible for assessment of the fund’s operational results prior to making any further investments provided the initial investment has amounted to EUR 10 million, including for establishment of whether the fund has invested in the national economy of Latvia and there is adequate progress achieved in attraction of new members and investments required to secure effective operation of the fund in attaining of future goals;
4. to take note of the Council’s decision dated 8 July 2020 concerning Assessment by the Head of the Internal Audit Division;
5. to assess Altum’s performance in 2019 as “very good”.
JSC Development Finance Institution Altum is a Latvia state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. On 9 April 2020 Moody’s Investors Service (Moody’s) reconfirmed Altum’s Baa1 long-term issuer rating, with outlook stable, and the baseline credit assessment (BCA) investment grade rating baa3. The assigned Moody’s rating of Altum is one of the highest credit ratings assigned to corporate entities in Latvia. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga. Altum was the winner of Stock Exchange Event of the Year award in Nasdaq Baltic Awards 2019.
JSC Development Finance Institution Altum, Development Finance Institution Altum
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