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The supervisory board of Nordecon made the decision on Friday to acquire the 40% shareholding in its subsidiary Swencn OU from AS Luksusjaht for 42,000 own shares. The value of the transaction is 41,034 euros considering the emission value of Nordecon AS own shares of 0.977 euros per share, Nordecon told the stock exchange.

As a result of the transaction, Nordecon AS will own a full shareholding in Swencn OU. Swencn OU itself owns 100% of Swencn AB, a company registered and operating in Sweden as a general contractor. The aim of the transaction is to obtain a full ownership in a subsidiary operating in one of the main foreign markets of Nordecon AS.

After the transaction, Gerd Muller will be appointed as a new management board member and Maret Tambek as an alternate member of the board of Swencn AB. Swencn AB will continue with the following board memberships: Priit Luman as member, Gerd Muller as member and Maret Tambek as alternate member. The term of office of current members of the board Sven Lennart Alpstal and Par Oskar Wilhelm Lundeberg thereby expires.

Pre-transaction, AS Luksusjaht owns 4,167,385 shares constituting 12.872 percent of Nordecon's shares. This makes him a majority shareholder, second largest shareholder of the construction company after Toomas Luman's company Nordic Contractors. 

According to Nordecon, the transaction will not have an effect on the assets and liabilities of Nordecon AS as the assets and liabilities of Swencn OU and its subsidiary Swencn AB have been consolidated into Nordecon AS as subsidiaries also pre-transaction.

The transaction will have an effect on Nordecon's profit attributable to the owners of the parent starting from December 1, 2018, starting from which 100% of the profit of Swencn OU and Swencn AB will be accounted for instead of the 60 percent based on pre-transaction ownership.