Institute Becomes Business Centre

The Balt-Group finance company has acquired a controlling share packet in AOOT GPNII-5, a state technical planning institute, and plans to open a business centre and games club in the 23,000m2 institute.

<BR>The Balt-Group finance company has acquired a controlling share packet in AOOT GPNII-5, a state technical planning institute, and plans to open a business centre and games club in the 23,000m2 institute. <BR>The finance company bought 29.3% of the institute's shares for $185,000 at a city investment auction, and a further share packet from institute employees. As stipulated by the auction rules, the company then had to pay a further $420,000 against the institute's debts to the state budget, and must now invest $620,000 in renewing the institute facilities.