Bure carries through acquisition of Åre Invest

Bure carries through acquisition of Åre Invest Investment AB Bure has acquired 93 per cent of the votes in Åre Invest AB which via Å.R.E. AB operates large parts of the mountain resort in Åre. Åre Invest, which will be included in Bure Investments, is valued at SEK 115M. 1996 turnover is expected to amount to around SEK 180M with a profit of approximately SEK 20M. Bure has made a similar bid for the shares held by Åre Municipality, equivalent to 7 per cent. Åre Invest owns 95 per cent of the shares in Å.R.E. AB which owns and operates the whole lift system in Åre. In addition, Å.R.E. runs several large hotels and other accommodation as well as restaurants in Åre. 1996 turnover is estimated at more than SEK 180M with a profit of approximately SEK 20M. In Bure, Åre Invest will be included in Bure Investments. "Under the management of Securum and Mandamus, Åre Invest has carried out an extensive restructuring programme and become an efficient and well-functioning service company," says Roger Holtback, Managing Director of Investment AB Bure. "We see a great potential in Å.R.E. and, together with the company management, we want to consolidate and develop further Åre´s position as a leading winter sports resort in the Nordic countries". The objective of Bure Investments is to develop and clarify the value of companies and, for example, at a later date bring the company to the stockmarket. It is estimated that it will be possible to list Åre Invest within a period of two to three years. With Bure we will get a stable owner who will support actively Å.R.E.´s continued development," says Ingemar Lindström, Managing Director of Å.R.E. "Bure has a financial strength that will be very important in the future on a possible spread of ownership. It will give Å.R.E. the continuity and stability we need." 3.6 million Swedes and an increasing number of foreign tourists are expected to participate in downhill skiing in Swedish resorts over the next three years. In Sweden, the majority of the turnover is concentrated on a small number of resorts with large lift capacity and a large supply of attendant activities. Åre´s market share amounts to approximately 20 per cent. Åre´s lift system consists of 42 lifts which makes it the largest continuous lift system in the Nordic countries. The lift operations constitute approximately 60 per cent of the company´s total turnover. In addition, Å.R.E. consists of hotels, restaurants, a ski school and properties. These serve as important supplements to the lift system but also as attendant services which is prerequisite in the competition to attract skiers. An investment programme will be drawn up covering the next five years with the objective of increasing still further Åre´s attractiveness as one of the foremost winter sports resorts in the Nordic countries. The investments will be financed using own profits. "We will invest in skiing as well as accommodation and attendant activities," says Ingemar Lindström. "We are currently also looking into the prerequisites for increasing the number of downhill runs which could lead to significant investments as early as this year." In addition to Bure Investments, Bure´s operations consist of Bure Health Care and Bure IT/InfoMedia. Bure Health Care is Sweden´s largest non-public player in the health care sector with companies such as Previa and Nova Medical. Bure IT/InfoMedia was established in 1996 and is oriented towards IT consulting, media production and IT for health care. Bure´s net asset value amounted to approximately SEK 4.4 billion on 30 December 1996. Gothenburg, 23 January 1997 Investment AB Bure (publ) For further information, please contact: Hans Ljungkvist, Chief Financial Office, +46 31-35 76 35 Invesment AB Bure Jan Engström, Securum +46 8-614 65 50 Ingemar Lindström, Managing Director, Å.R.E. +46 647-130 00 Hans Eric Melin, Investor Relations, Bure +46 31-35 76 51