Tallinn, 2014-03-14 07:30 CET (GLOBE NEWSWIRE) --
AS Tondi Kvartal, company belonging to group of companies of AS Pro Kapital Grupp, has on 13.03.2014 concluded the contract for sale of minority shareholding of its subsidiary OÜ Marsi Elu to a financial investor. Based on the contract AS Tondi Kvartal will sell 35% of the shares of OÜ Marsi Elu to company COMBRIMAT Limited, as a result of which AS Tondi Kvartal will hold 65% of the share capital of OÜ Marsi Elu. The investor has to fulfill its obligations prior to transfer of the ownership of the shares. The agreed date for transferring the shares is 20.03.2014.
Main conditions of the contract for sale of shareholding are as follows:
OÜ Marsi Elu area of operations is real-estate development and the business of the company is the development of the residential building located at Tondi Residential Quarter in Tallinn on land plot Marsi 3, 3a and 3b.
AS Tondi Kvartal took the obligation to sell 35% of OÜ Marsi Elu shares after fulfillment of the preconditions by the buyer.
Price of the transaction is 3500 EUR, which corresponds to the nominal value of the sellable shares and the value of the equity of OÜ Marsi Elu attributable to the transferable shares as of incorporation of the company.
The obligation of the buyer, prior to the transfer of the ownership of the shares, is to provide OÜ Marsi Elu with a shareholder loan in amount of 1 000 000 EUR, with repayment date of 5 years and interest of 5% per year. Loan is unsecured.
OÜ Marsi Elu has prior to conclusion of the contract for sale of its shareholding, bought with intra-group transaction from AS Tondi Kvartal the part of the business needed for development of Marsi 3, 3a and 3b building including the imaginary part of the land plot and conditional contracts concluded for sale of the apartments. AS Tondi Kvartal, as the shareholder, has provided OÜ Marsi Elu with an unsecured shareholder loan in amount of 1 850 000 EUR, with repayment date of 5 years and interest of 5% per year, for purchasing the business.
Sale of the shareholding does not have effect on AS Pro Kapital Grupp, due to the fact that the shareholding is sold in the value equaling to the nominal value of the paid in share capital attributable to the sellable shareholding.
The purpose of the sale of the shareholding is to involve a financial investor for the development of Marsi 3, 3a and 3b residential building.
The transaction is not considered to be a transaction with connected persons within the meaning of the stock-exchange requirements and members of the Issuer’s supervisory board and management board are otherwise personally not interested in the transaction.
Comment of CEO of AS Pro Kapital Grupp Paolo Michelozzi: “We are glad to announce involving the financial investor for the started development of new residential buildings in Tallinn. Potential investors had keen interest in the project, we had negotiations with different interested parties and the achieved result in our opinion is the best solution for the shareholders of Pro Kapital”.
In the first construction phase a 5-story residential building with 31 apartments, semi-underground parking floor and central plaza shall be completed. In addition necessary roads and external networks will be built. Construction works started in February of this year and the planned duration of construction is 11 months. Construction works are performed by AS Nordecon.
More precise information on Tondi Residential Quarter can be found at www.tondilinna.ee
OÜ Marsi Elu is a real-estate development company established in 2014 for the development of Marsi 3 / 3a / 3b residential building located in Tallinn. AS Tondi Kvartal is a company established 07.10.1997, which belongs 100% to AS Pro Kapital Eesti. AS Pro Kapital Eesti is 100% subsidiary of AS Pro Kapital Grupp.
Head of Investor Relations