Increase of shareholding in AS Eston Ehitus

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| Source: Nordecon
multilang-release

Tallinn, Estonia, 2014-01-09 16:45 CET (GLOBE NEWSWIRE) -- Nordecon AS and the non-controlling shareholders of AS Eston Ehitus signed a share purchase agreement. Nordecon AS acquires 228 shares of AS Eston Ehitus with par value of 1,436.4 euros which constitutes 2.3% of the total share capital. As a result AS Eston Ehitus became the wholly-owned subsidiary of Nordecon AS. The transaction was initiated by the clause stipulated in the contract to purchase the controlling shareholding in 2007. By that clause Nordecon AS had an obligation to purchase all the remaining shares if necessary conditions were met.

AS Eston Ehitus provides construction management services mostly in western and central Estonia. The company is a member of Nordecon group since 2007.

The transaction does not have material economical effect on the activities of Nordecon group and does not qualify as an acquisition of significant holding 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 AS do not have any other personal interests in the incorporation of the company.

 

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.