Tallinn, 2014-07-09 18:03 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 second subscription of the share capital increase of the Subsidiary ended on 8th of July 2014. On 9th of July 2014 the Management Board of the Subsidiary decided to cancel all shares offered for subscription during the subscription period. No new shares of the Subsidiary will be issued as the result of the second subscription period.
Paolo Michelozzi, CEO of AS Pro Kapital Grupp commented on the results of the subscription: "The excavation works of the foundation and the projecting works of the shopping centre are proceeding as planned and at the moment there was no need to engage additional capital. In the meantime we have started the tender negotiations with the leading construction companies for choosing the main constructor for the project and the following subscriptions shall be planned accordingly to the tender process".
AS Pro Kapital Grupp shall inform the investors of the results of the following subscriptions of the share capital increase of the Subsidiary 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