Baltic States – CIS, Construction, Estonia, Good for Business, Markets and Companies, Ukraine

The supervisory board of Nordecon AS on Thursday made a decision whereby its fully owned subsidiary Eurocon OU will obtain a 50 percent shareholding in the related company Technopolis-2 TOV, registered in Ukraine, in which pre-transaction Nordecon AS owned through its subsidiaries a 50% shareholding, the company told the stock exchange.

As a result of the transaction, Nordecon AS will own through its fully owned subsidiaries Eurocon OU and Eurocon Ukraine TOV a 100% shareholding in Technopolis-2 TOV and for the accounting purposes, the latter will turn from a related company into a subsidiary. The aim of the transaction is to obtain a full ownership in a development project on the attractive terms for the group.

Technopolis-2 TOV owns through a direct ownership and a long term lease 4.4 hectares of land located in the Boryspil district, Kiev Oblast in the immediate vicinity of the Kiev–Kharkiv highway. The aim of the project is to develop a logistics center consisting of warehouses and offices.

The acquisition of the holding is planned to be completed during December 2018.

Nordecon is a group of construction companies operating in Estonia, Ukraine, Finland and Sweden. The parent of the group is Nordecon AS, a company registered and located in Tallinn, Estonia. The consolidated revenue of the group in 2017 was 231 million euros. Nordecon Group employs approximately 700 people and its shares have been quoted in the main list of Nasdaq Tallinn since May 2006.