BELARUS NEWS AND ANALYSIS

DATE:

04/10/2007

Lithuanian group to build 350 mln usd complex in Belarus

VILNIUS (Thomson Financial) - Lithuanian group Ukio Banko Investicine Grupe (UBIG) said Thursday it had sealed a deal with Belarus to build a 350 mln usd (248 mln eur) sports, entertainment and business complex.

"UBIG and the Belarus government on October 3 signed an agreement, providing for the construction of a multifunction complex" in the capital Minsk, UBIG announced in a statement.

"The complex will include a 15,000-18,000 seat stadium, a sports and concert hall, and hotel and commercial facilities," it added.

UBIG is a part of the Ukio Bankas group, the majority of shareholder of which is Viktoras Romanovas, who is also an owner of the Scottish football club Hearts.

UBIG owns properties in Russia, Ukraine, Kazakhstan and Bosnia with a total value of some 536 mln eur.

The turnover of the group last year reached 390 mln eur

Source:

http://www.iii.co.uk/news/?type=afxnews&articleid=6321478&subject=companies&action=article