Tallinn, Estonia, 2013-11-27 10:35 CET (GLOBE NEWSWIRE) -- Nordecon AS has in its 2012 annual report (Note 36) and 2013 interim reports (Note 15) described the court proceedings regarding the claims made by non-controlling shareholder in the Group’s subsidiary Eurocon OÜ seeking that Nordecon AS purchase his share in Eurocon OÜ for 538 thousand euros.
Nordecon AS has filed a claim against the non-controlling shareholder to seek compensation (538 thousand euros) for damages that have resulted since the shareholder is not able to transfer the shares in the agreed upon value. The first instance Harju County Court has decided to deny action on Nordecon AS’s claim. Nordecon AS will present an appeal to next level circuit court (Tallinn Circuit Court).
Nordecon is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine and Finland. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group in 2012 was 159.4 million euros. Currently Nordecon Group employs more than 700 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.
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