Tallinn, Estonia, 2012-01-31 08:15 CET (GLOBE NEWSWIRE) -- Nordecon group subsidiary Eurocon OÜ (Nordecon AS shareholding 64 per cent) sold its wholly-owned Ukrainian registered subsidiary Eurocon Ukraine TOV (incl. its subsidiaries and associates) to Eurocon Vara OÜ (wholly-owned subsidiary of Nordecon AS). Eurocon Vara OÜ shall overtake from Eurocon OÜ the role of Nordecon’s holding company of its Ukrainian entities. The purpose of this intra-group restructuring is to achieve the proper alignment of parent company Nordecon AS’ risks and expected returns in Ukraine.
Eurocon Ukraine TOV is a provider of construction services (mainly to private sector clients) in Ukraine. Its share capital is of 18,500 UAH (approximately 1,735 EUR). The Antimonopoly Committee of Ukraine approved the transaction in January 2012.
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.
1 UAH = 0.09476 EUR (exchange rate as of 30 December 2012)
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 2010 was 99.3 million euros. Currently Nordecon Group employs nearly 700 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.
Raimo Talviste
Nordecon AS
Head of Finance and Investor Relations
Tel: +372 615 4445
Email: raimo.talviste@nordecon.com
www.nordecon.com