Nordecon International group subsidiary AS Eston Ehitus (group shareholding 98
per cent) completed in August transactions by which it acquired a 100 per cent
shareholding in Magasini 29 OÜ and divested its 34 per cent shareholding in
associate OÜ Crislivinca
Magasini 29 OÜ was founded by AS Eston Ehitus and AS EKE Invest (not a Group company). For its 34 per cent shareholding AS Eston Ehitus contributed 13,600 kroons (approx. 870 euros). The rest 66 per cent was contributed by AS EKE Invest. At the time of founding Magasini 29 OÜ both AS Eston Ehitus and AS EKE Invest were the shareholders of OÜ Crislivinca with 34 per cent and 66 per cent shareholding respectively.
Magasini 29 OÜ was established with the purpose that a notional part of a land plot in center of Tallinn Magasini Street and liabilities related to that, extracted in course of dividing up OÜ Crislivinca, to be placed in there. OÜ Crislivinca's assets and liabilities were then divided. After that AS Eston Ehitus and AS EKE Invest exchanged their shareholdings in Magasini 29 OÜ and OÜ Crislivinca. Parties wished for the exchange due to changes in their investment strategies compared to previous periods.
Magasini 29 OÜ activity is project based real estate development on a land plot situated in Tallinn Magasini 29. At the moment the development activities have not begun. Share capital of the company is 40,000 kroons (approx. 2 556 euros).
OÜ Crislivinca's activities relate to real estate development. At the time of exchange of shares its main activity was selling apartments in residential building in Magasini 29a. Share capital of the company is 100,000 kroons (approx. 6 391 euros).
The transaction does not have material economical effect on the activities of Nordecon International Group and does not qualify as an acquisition of significant holding nor a related party transaction within the meaning of "Requirements for Issuers" of the NASDAQ OMX Tallinn Stock Exchange regulations. The members of the supervisory board and management board of Nordecon International AS do not have any personal interests in the incorporation of the company.
Nordecon International is a group of construction companies whose core business is general contracting and construction management in the construction of buildings and infrastructures in Estonia, Lithuania and Ukraine. In addition, in Estonia our companies act as independent contractors in road construction and maintenance, environmental engineering, the assembly of reinforced concrete elements, and the performance of cast-on-site concrete works. The parent of the Group is Nordecon International AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 15 subsidiaries in the Group. The consolidated revenue of the Group in 2009 was 2.4 billion kroons (155 million euros). Currently Nordecon International Group employs nearly 750 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.
1 euro = 15.6466 kroons
Raimo Talviste Nordecon International AS Head of Finance and Investor Relations Tel: +372 615 4445 Email: raimo.talviste@nordecon.com www.nordecon.com
Magasini 29 OÜ was founded by AS Eston Ehitus and AS EKE Invest (not a Group company). For its 34 per cent shareholding AS Eston Ehitus contributed 13,600 kroons (approx. 870 euros). The rest 66 per cent was contributed by AS EKE Invest. At the time of founding Magasini 29 OÜ both AS Eston Ehitus and AS EKE Invest were the shareholders of OÜ Crislivinca with 34 per cent and 66 per cent shareholding respectively.
Magasini 29 OÜ was established with the purpose that a notional part of a land plot in center of Tallinn Magasini Street and liabilities related to that, extracted in course of dividing up OÜ Crislivinca, to be placed in there. OÜ Crislivinca's assets and liabilities were then divided. After that AS Eston Ehitus and AS EKE Invest exchanged their shareholdings in Magasini 29 OÜ and OÜ Crislivinca. Parties wished for the exchange due to changes in their investment strategies compared to previous periods.
Magasini 29 OÜ activity is project based real estate development on a land plot situated in Tallinn Magasini 29. At the moment the development activities have not begun. Share capital of the company is 40,000 kroons (approx. 2 556 euros).
OÜ Crislivinca's activities relate to real estate development. At the time of exchange of shares its main activity was selling apartments in residential building in Magasini 29a. Share capital of the company is 100,000 kroons (approx. 6 391 euros).
The transaction does not have material economical effect on the activities of Nordecon International Group and does not qualify as an acquisition of significant holding nor a related party transaction within the meaning of "Requirements for Issuers" of the NASDAQ OMX Tallinn Stock Exchange regulations. The members of the supervisory board and management board of Nordecon International AS do not have any personal interests in the incorporation of the company.
Nordecon International is a group of construction companies whose core business is general contracting and construction management in the construction of buildings and infrastructures in Estonia, Lithuania and Ukraine. In addition, in Estonia our companies act as independent contractors in road construction and maintenance, environmental engineering, the assembly of reinforced concrete elements, and the performance of cast-on-site concrete works. The parent of the Group is Nordecon International AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 15 subsidiaries in the Group. The consolidated revenue of the Group in 2009 was 2.4 billion kroons (155 million euros). Currently Nordecon International Group employs nearly 750 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.
1 euro = 15.6466 kroons
Raimo Talviste Nordecon International AS Head of Finance and Investor Relations Tel: +372 615 4445 Email: raimo.talviste@nordecon.com www.nordecon.com
© 2010 GlobeNewswire
