Tallinn, 2014-05-28 07:00 CEST (GLOBE NEWSWIRE) --
The 24th of April 2014 shareholders meeting of AS Tallinna Moekombinaat (hereinafter Subsidiary) adopted the resolution to increase the share capital of the Subsidiary.
The first subscription of the share capital increase ended on 27th of May 2014. During the subscription period the Subsidiary raised 808 800 euro of which 612 000 euro was the payment for the B-shares of the Subsidiary and 196 800 euro was the loan granted by the subscriber.
Paolo Michelozzi, CEO of AS Pro Kapital Grupp commented on the results of the subscription: "the results of the first subscription of the share capital increase of AS Tallinna Moekombinaat corresponded to our expectations. The target for the first subscription was to raise funds to enable us to finish the preparation works of Peterburi road shopping centre needed to start with the construction. We can finish the necessary projecting works and start with the excavation works of the foundation of the building".
AS Pro Kapital Grupp shall inform the investors of the results of the following subscriptions of the share capital increase after results of each subscription are known.
AS Tallinna Moekombinaat is a company established on 05.03.2008, the main field of activity of the company is the development of shopping center located on Peterburi road 2 Tallinn land plot. The planned shopping centre is one of the most dynamic shopping developments in the Baltics, located on the largest and most modern traffic junction in Tallinn within just a few minutes by car from the city centre and at the starting point of motorways to Tartu, Narva and Pärnu. The Shopping Centre shall accommodate more than 200 shops on ca 55,000 m² of GLA with the anchor tenant Selver hypermarket on ca 6000 m². The shopping centre will become part of the future major public transportation hub in Tallinn. The hub is the most important infrastructural development for the city in the coming years and shall feature, in addition to local connections, a transfer to the airport and the future Rail Baltica international train station.
Head of Investor Relations