Tallinn, Estonia, 2014-11-18 09:36 CET (GLOBE NEWSWIRE) --
The Supervisory Board of AS Merko Tartu, subsidiary of AS Merko Ehitus Eesti, part of AS Merko Ehitus group, has extraordinarily decided to recall members of the Management Board of AS Merko Tartu Margus Kull and Liia Kull as of 17 November 2014. The Supervisory Board decided to appoint Mihkel Mugur and Leonid Tolstov as the new members of the Management Board as of 17 November 2014. Mihkel Mugur has worked as the Legal Director of AS Merko Ehitus Eesti for ten years, Leonid Tolstov is a Partner and Attorney-at-Law at Law Firm Varul.
The Management Board of AS Merko Tartu has disregarded the legal directions given by the Supervisory Board and has not adhered to the general accepted management principles of Merko group. In addition, Margus Kull has contested in court conducting a special audit towards the management board of AS Merko Tartu.
The change in the company´s management board does not affect AS Merko Tartu everyday business operations nor discharging duties to customers and apartment buyers.
AS Merko Ehitus Eesti holds a 66% interest in AS Merko Tartu, Margus Kull owns 34% of the shares. AS Merko Tartu is not a significant subsidiary of AS Merko Ehitus in terms of NASDAQ Tallinn Stock Market rules.
Additional information: AS Merko Tartu, Chairman of the Supervisory Board, Mr. Tiit Roben, phone: +372 6805 105, e-mail: merko@merko.ee.
Merit Kullasepp
Communication and Marketing Manager
AS Merko Ehitus
Phone: +372 650 1250
E-mail: merit.kullasepp@merko.ee
AS Merko Ehitus (www.group.merko.ee) comprises the leading Estonian construction company AS Merko Ehitus Eesti, the Latvian market based SIA Merks and the Lithuanian market based UAB Merko Statyba as well as the group’s real estate development business unit together with companies holding real estate properties. As at the end of 2013, the group employed 860 people and the 2013 revenue amounted to EUR 262.7 million.