East Capital Explorer invests an additional EUR 10m in the East Capital Bering Balkan Fund

  • East Capital Explorer announces its second investment in a short time and invests an additional EUR 10m (corresponding to approximately SEK 100m) in the East Capital Bering Balkan Fund
  • Following this investment, East Capital Explorer has EUR 181m in cash, corresponding to EUR 4.99 (SEK 50) per share, of which EUR 136m is available for future investments*

Gert Tiivas, CEO East Capital Explorer says: “Southeastern Europe has been unnecessarily hard hit by the global market sentiment with current share prices not at all reflecting the long-term potential for these countries and companies. With valuations at these levels, it is an attractive opportunity for us to increase our current investment in the fund and our long-term exposure to this part of Eastern Europe.”

The East Capital Bering Balkan Fund has a well-diversified portfolio of approximately 70 companies, both listed and unlisted, spanning a wide number of sectors including media, consumer goods, banking and finance.

East Capital Explorer has been waived the subscription fee. Other terms are the same as for the other fund unit holders' which includes a 2% management and a 20% performance fee over a so called “high-watermark”. The investment will take place at the next available opening of the fund. An extraordinary opening is scheduled for end of November.

Contact information:
Gert Tiivas, CEO East Capital Explorer +46 8 505 977 30
Louise Hedberg, Head of Communications/IR East Capital Explorer +46 8 505 977 20

Financial reporting calendar - East Capital Explorer:

  • Monthly Net Asset Value report on the fifth working day after the end of each month
  • Year-end report on 18 February 2008 * Annual report available in the week of 6 April 2009
  • AGM in Stockholm on 27 April 2009

About East Capital Explorer - East Capital Explorer AB is a Swedish company, created with the specific aim of bringing unique investment opportunities in Eastern Europe to a broader investor base. The company invests mainly in East Capital's private equity and semi-public equity funds that provide exposure to companies not otherwise accessible via the local stock exchanges in Eastern Europe. East Capital Explorer targets fast growing sectors such as the power utilities, financial, retail and consumer goods and real estate sectors. East Capital Explorer has appointed East Capital to manage its investment activities. Since 9 November 2007, East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.

This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.

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*Of EUR 181m in cash, EUR 40m has been committed to the East Capital Russian Property Fund but has not yet been drawn down. An additional EUR 5.1m is expected to be invested in new shares in MFG before the year-end 2008.